Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 17.3, Problem 3QQ
To determine
The demand for labor in a profit maximizing firm.
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Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. Â After two hours, he scores 75%. Â After three hours, he scores 85%. Â After four hours, he scores 90%. Â What economic concept is most clearly illustrated here?
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a
diminishing marginal returns
b
worker fatigue
c
input inefficiency
d
opportunity cost
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One reason why in the short run, the marginal product of labor might increase initially as more workers are hired is that?
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the first workers hired get to use the best equipment
specialization allows a worker to focus on one task, thereby increasing her proficiency at that task.
the best workers are hired first and later hires are not as skillful.
beyond some point, a firm has hired too many workers.
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In the short run, which of the following costs will not change as output changes?
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marginal cost.
total variable cost.
average variable cost.
average fixed cost.
total fixed cost.
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If your overall grade point average is 2.0 and you earn a 2.5 GPA this semester, your overall grade point average will increase. This situation demonstrates the general principle that?
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if average value is greater than marginal value, marginal value will increase.
if average value is greater than total value, total value will increase.
if marginal value is greater than…
Number of WorkersÂ
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1
10
2
30
3
38
4
41
5
42
Diminishing marginal product begins with the addition of theÂ
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second worker
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third worker
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fifth worker
Chapter 17 Solutions
Economics (Irwin Economics)
Ch. 17.3 - Prob. 1QQCh. 17.3 - Prob. 2QQCh. 17.3 - Prob. 3QQCh. 17.3 - Prob. 4QQCh. 17.A - Prob. 1ADQCh. 17.A - Prob. 2ADQCh. 17.A - Prob. 3ADQCh. 17.A - Prob. 4ADQCh. 17.A - Prob. 5ADQCh. 17.A - Prob. 1ARQ
Ch. 17.A - Prob. 2ARQCh. 17.A - Prob. 3ARQCh. 17.A - Prob. 4ARQCh. 17.A - Prob. 1APCh. 17.A - Prob. 2APCh. 17 - Prob. 1DQCh. 17 - Prob. 2DQCh. 17 - Prob. 3DQCh. 17 - Prob. 4DQCh. 17 - Prob. 5DQCh. 17 - Prob. 6DQCh. 17 - Prob. 7DQCh. 17 - Prob. 8DQCh. 17 - Prob. 9DQCh. 17 - Prob. 10DQCh. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - Prob. 4PCh. 17 - Prob. 5P
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