Which of the following must be true if a fim is experiencing diminishing retums? O Average product is increasing O Total product is negative. O Total product is decreasing O Marginal product is negative. O Marginal proctuct is decreasing

Q: 1. In a the short product process a(an) _marginal product of labor explains why marginal cost is…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: When Total Product of labors (TPL) is maximized then: O Average product (APL) is maximized O…

A: Total productivity of labor is maximum when Marginal Product equals to zero. At this point the TPL…

Q: The following graph shows the marginal and average product curves for labor, the firm's only…

A: ATC = TC/Q Where, ATC = Average total cost TC = total cost Q= Output

Q: The Paunch Burger restaurant chain currently produces 250,000 units of output by using 2,400 units…

A: Answer -    MRTS (Marginal rate of technical substitution) :- The rate by which one factor need  to…

Q: 5. Fixed Proportions Production > The production function for gizmos is: Q = min {2L, 3K} > Graph…

A: Given  Production function  Q=min{2L,3K}             ... (1)

Q: Which of the following statements about average product and marginal product is correct? (A) If…

A: Average product is the total product which is produced divide by the total number of variable inputs…

Q: Which of the following is correct about marginal and average products? A) When the average product…

A: Marginal product refers to addition in total output and when more unit of variable input is used in…

Q: Number of Returns per Day Number of Accountants 2. 3. 12 17 20 4. in 22 Assuming the quantity of…

A: Given: Number of Accountants (A) Number of returns per day (B) 0 0 1 5 2 12 3 17 4 20…

Q: Bridget's Brewery production function is given by Y(K,L) = 100(KL)^(3/4) where K is the number of…

A: Introduction, First of all we should put the values of the following in our mind That is y(k,l)=…

Q: Suppose a firm uses exactly 1 unit of capital and 1 unit of labor to produce i unit of output. What…

A: The firm uses exactly 1 unit of capital and 1 unit of labor to produce 1 unit of output.  It means…

Q: The marginal product intersects average product at the point where average product is maximum.…

A: Marginal product is the change in the total product due an increase in the one unit of additional…

Q: 30. The producer is in equilibrium at a point where the cost line is A. O Above the isoquant B. O…

A: Answer: Equilibrium occurs where the total cost line is tangent to the isoquant. At the tangency…

Q: Production function is Q = 200√L√K PL = 500 PK = 800 Total outlay, C = 5000 Determine lost…

A: Since you posted a question with multiple sub-parts, we will solve the first three sub-parts for…

Q: The short-run production function for a manufac- turer of wireless earbuds is shown in the table…

A: The average product is the average output produced by using each factor or input of production. It…

Q: wers, you should, where appropriate, be referring to concepts such as the ma anical substitution,…

A: Indifference curve shows the different combinations of two goods that provide the same level of…

Q: Which of the following statements is not correct? Select one: O a When MC is below AVC,…

A: The MC cuts the AVC at the minimum point of AVC. The production function shows the relationship…

Q: d. Which worker(s) are in the region of diminishing marginal returns? e. Which worker(s) are in the…

A: marginal cost is the extra expense caused by the creation of another unit of a decent or…

Q: A firm can manufacture a product according to the production function Q = F(K, L) = KO.50LO.50. (a)…

A: The production function refers to the functional relationship between the given input and the…

Q: The relationship between the factors of production and the output of goods and services. O a.…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: As a firm hires more labor in the short run, the O extra output of an additional worker may rise at…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What is the diference between total cost and vaiable cost in the long nun? In the long run A. the…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: If a firm was interested in determining whether costs were increasing rate or increasing at a…

A: Answer to the question is as follows :

Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…

A: Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: A profit-maximizing firm will comtinue to hire additional units of labor until the amagninal…

A: Answer: D (equal to the wage or marginal factor cost) Explanation: A profit-maximizing firm will…

Q: Q (К, L) 3D АKL? — BLЗ where K represents capital level and L represents labor level. Assume that…

A: "Since you have asked multiple parts, we will answer only first two parts for you. If you have any…

Q: Number of Workers Number of Chairs 1 10 2 18 3 24 4 28 5 30 6 28 7 25 a. Calculate the average and…

A: The average product of labor is derived by dividing the total product by the inputs. It is also…

Q: If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table…

A: The labor cost per unit is obtained by multiplying the direct labor hourly rate by the time required…

Q: The Production Function shows the relationship between O a. Input and Cost O b. Products and Cost c.…

A: The process of combination of inputs some being material and others non material for making a…

Q: A firm has the production function f(x, y) = x³yº.3, where a>0.7. This firm has Select one: O a.…

A: Given  Production function : f(x,y) = x^a × y^0.3 , where a>0.7. To check whether it has what…

Q: Firm Beta finds that when it triples all of its inputs, output doubles. Firm Beta's production…

A: In a market, firm produces output using the combination of input resources. The change in output…

Q: Q2. The production function of a firm is given by Q = min (2VK,VL), where K is amount of capital and…

A: Q = min (2 K0.5, L0.5)  -----> Production function The above production function depicts, inputs…

Q: Which of the following is true of effective employee evaluation and feedback? O It should be…

A: When we are considering the evaluation of employees then it is very necessary to evaluate the…

Q: stlon 24 One of these intersects the horizontal axis and may reach the negative area: O Total…

A: Question 24 The answer is Option 2 - Marginal Product Therefore, Marginal product intersect the…

Q: QUESTION 10 When Total product is at Maximum, Marginal product will be - O B. Negative ---- -- A.…

A: Total product (TP): - Total product is the amount of total final goods and services produced by a…

Q: For a standard Cobb Douglas production function which of the following is true: a. The ratio of the…

A: You have posted multiple questions. So as per Bartleby's answer guideline, I solved the first…

Q: 11) When the total product curve is falling, the: (a) marginal product of labor is zero.…

A: Total product is the aggregate quantity of output produced by employing given inputs. Marginal…

Q: The following statements are about the relationship between typical total product (TP), average…

A: Production function explains the unique relationship between quantities of physical inputs and…

Q: O At every output level the marginal product curve lies above the average product curve. O The…

A: Marginal product  can be characterized as the additional measure of item/product a firm can create…

Q: 1 diminishing marginal returns vill set in after the very first unit f labour isb employed? What do…

A: According to the given question In simple words we can say that the diminishing marginal returns…

Q: The peak of the Total Product curve relates that a. Maximum output of production b. Maximum…

A: "Marginal product indicates additional output produced when one more unit of variable input is…

Q: (c) [2] Suppose input 2 increases and you are now at the initial point ri = 10 and r2 30. Relative…

A: Marginal product of an input is the change in output resulting from employing one more unit of a…

Q: If x₁ = x₂ = 16, the marginal product of input 1 is two inputs is w₁ = 2 and ₂ = 1. When ₁ is…

A: Production function shows the functional relationship between the output and inputs.  The production…

Q: Consider a short-run production process for which APL(10)= 7 and MPL(10)=12. (meaning of notation:…

A: Average product is the output per unit of labor and marginal product is the output generated by the…

Q: If another worker adds 9 units of output to a group of workers who had an average product of 7…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Consider the followng production function: 3..3 q = x;x: where x1 and x2 measure the employed…

A:

Q: The figure shows the total product curve for different levels of a variable input, labor. Output…

A: Total product divided by the quantity of labor employed gives the average product of labor. Marginal…

Q: The law of diminishing returns implies that, with the use of capital fixed, as the use of labor…

A: Answer to the question is as follows :

Q: According to the law of diminishing return in short run O If we double all inputs, output will…

A: 20) the law of diminishing return is measured when the marginal output of production decreases due…

Q: When Total Product of labors (TPL) is maximized then: OA. Marginal product (MPL) is maximized O B.…

A: The total product is the total units produced by a firm given the inputs and technology of…

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.