BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

Solutions

Chapter
Section
BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Diminishing marginal product explains why, as a firm’s output increases.

a. the production function and total-cost curve both get steeper.

b. the production function and total-cost curve both get flatter.

c. the production function gets steeper, while the total-cost curve gets flatter.

d. the production function gets flatter, while the total-cost curve gets steeper.

To determine
Diminishing marginal product.

Explanation

Option (d):

When the marginal product of an input decreases as the quantity of the input increases, then the production function gets flatter, and the slope of the production function decreases. This causes the total-cost curve became steeper.

Option (a):

In a diminishing marginal product, the production function becomes flatter when the quantity of input increases, but the total cost curve will become steeper. Thus, option ‘a’ is incorrect...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Show that (nk)=(nnk). Give an interpretation involving subsets.

Probability and Statistics for Engineering and the Sciences

Most firms generate cash inflows every day, not just once at the end of the year. In capital budgeting, should ...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Identify the sources of the information needed to prepare the balance sheet.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)