   Chapter 11.3, Problem 105E Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203

Solutions

Chapter
Section Finite Mathematics and Applied Cal...

7th Edition
Stefan Waner + 1 other
ISBN: 9781337274203
Textbook Problem

Marginal Product (from the GRE Economics Test) Which of the following statements about average product and marginal product is correct?(A) If average product is decreasing, marginal product must be less than average product. (B) If average product is increasing, marginal product must be increasing.(C) If marginal product is decreasing, average product must be less than marginal product. (D) If marginal product is increasing, average product must be decreasing.(E) If marginal product is constant over some range, average product must be constant over that range.

To determine

The statement about the average product and the marginal product is correct out of the following statements:

(A): If the average product is decreasing, the marginal product must be less than the average product.

(B): If the average product is increasing, the marginal product must be increasing.

(C): If marginal product is decreasing, the average product must be less than the marginal product.

(D): If the marginal product is increasing, the average product must be decreasing.

(E): If marginal product is constant over some range, the average product must be constant over that range.

Explanation

The marginal product is basically the rate of change of product with respect to the quantity of the items.

The average product is defined as the total product divided by the first x quantities.

The curves of both intersect when the average product reaches its peak.

The average product starts decreasing if the marginal product is less than the avera...

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