Gen Combo Microeconomics; Connect Access Card
21st Edition
ISBN: 9781260044874
Author: MCCONNELL CAMP
Publisher: MCG
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Question
Chapter 9.2, Problem 4QQ
To determine
Marginal product.
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When the marginal product of labor equals the average product of labor, then
a. the marginal product is still increasing.
b. the marginal product is maximized.
c. the average product is still increasing.
d. the average product is maximized.
Marginal product is: a. the change in total product divided by the change in the quantity of labor. b. total product divided by the quantity of labor. c. always positive. d. unrelated to total product.
Average product is equal to
A) marginal product + total product.
B) total product ÷ marginal product.
C) total product ÷ quantity of labor.
D) marginal product x quantity of labor.
E) total product x quantity of labor.
Chapter 9 Solutions
Gen Combo Microeconomics; Connect Access Card
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Indicate how each of the following would shift the...Ch. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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- Explain production function by describing Total (TP), Average (AP) and Marginal Product (MP). Use the graphic illustration to clarify descriptions.arrow_forwardQUESTION 8 An increase in output that arises from an additional unit of input is a. increased product. b. incremental product. c. economic product. d. marginal product.arrow_forwardIf a firm experiences diminishing productivity of labor, the marginal product Question 31Select one: a. increases as total product decreases. b. decreases as total product increases. c. decreases as total product decreases. d. increases as total product increases.arrow_forward
- 4 . When the average output reaches its highest level, the average output is .A. is greater than marginal product B. less than marginal productC. is equal to the marginal product D. equal to the total productarrow_forwardthe first stage of the law of variable proportions a. Total product falls b. Total product rises at an increasing rate .C. Total product is constant d. Total product rises at a diminishing ratearrow_forwardWhen the total product curve is falling, the: a. average product of labor is increasing. b. marginal product of labor is zero. c. average product of labor must be negative. d. marginal product of labor is negative.arrow_forward
- The change in ourtput or total product the business would achieve in the current period byexpanding the usė of an input by another unit is: O The Marginal physical product (b) Thie Total physicał product (0) The Average pbysical product (d) The Marginal valuè product,arrow_forwardWhen total product is increasing at an increasing rate, marginal product is: positive and increasing.B. positive and decreasing.C. constant.D. negative.arrow_forwardDefine marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Answer must correct. Describe it step by step. Don,t copy from anywhere. Use word file for answer. Use graph. word limit minimum 350 .arrow_forward
- b. Explain the relationship between total product, marginal product, and averageproduct.arrow_forwardProduction function Capital equipment per worker ($ thousands) Which 2 of the following statements are correct? Select one or more: a. The slope of the function is the marginal product of capital. b. The figure shows that higher capital per worker increases output per worker. c. The figure shows that each extra $ of capital per worker raises output per worker by an equal amount. d. The function is "convex" (i.e., it has a slope which increases as capital per worker rises) Output per worker ($ thousands)arrow_forward1. Explain production function and illustrate examples. 2. Explain marginal product of input in a production process. 3. Illustrate example of getting the slope of the production function curve.arrow_forward
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