When the marginal product of an additional worker is less than the marginal product of the previous worker, there are A) increasing marginal returns to labor B) decreasing marginal returns to labor C) decreasing total returns to labor O D) increasing total returns to labor
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- What are the factor payments for land, labor, and capital?workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?QUESTION 3 When Total Product of labors (TPL) is maximized then: OA Marginal product (MPL) is maximized O B. Average product (APL) is maximized OC. Marginal product (MPL) equals zero O D. Average product (APL) equals zero
- In the table below, marginal product becomes negative after employing the İnput of Labor (no. of workers Total Product (no. of tablets per week) 0. produced) 0. 30 68 110 4 140 135 O fourth worker. O third worker. O second worker. O fifth worker, 12 tv 123 5When diminishing marginal returns to labor sets in, that means: Select one: O a. With an increasing number of new employees causes the marginal product of another employee to be smaller than the marginal product of the previous employee at some point O b. MPKL is falling O c. variable costs remain constant as more output is produced O d. Marginal product of labor is increasingIf 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workers produce 130-license plates, then O diminishing marginal returns have not set in because the marginal product is positive O the marginal product of the seventeenth worker is 130 O diminishing marginal returns must begin with the sixteenth worker O the marginal product of the sixteenth worker is greater than the marginal product of the seventeenth worker O the marginal product of the fifteenth worker must be 20
- 5. What is the average product of labor, given that the level of labor equals 10, total outout equals 1200 and the marginal product of labor equals 200?Total Fixed Total Variable Labor Output (workers) (units per day) (dollars) cost cot (dollars) 20 4. 20 20 25 50 3 13 20 75 4 16 20 100 5 18 20 125 1. The marginal product (MPL) of the 3rd worker equals: a. 4.33 b. 13 C. 4 d. 9 prt sc PAA & 6 8 %3D 1OWhat happens to marginal revenue productivity of a factor when there is an increase in unit of factors? a) No change b) Decline c) Increase d) Either increase or decrease Answer O O O O
- 11. The marginal product of the 3rd worker (see figure below) is: Toni Product 75 66 57 42 15 Labor (units) a. 57 b. 19. O 15. d. 11.Units of Total Average Marginal Product Product Product Labor 1 100 2 125 3 300 4 20 5 290 In the table above, diminishing returns Multiple Choice O begin with the first unit of labor. begin with the third unit of labor. O begin with the fourth unit of labor. begin with the fifth unit of labor. do not occur because output is positive for all levels of labor usage. O10. the olowing graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000. + APMP 100 80 60 MP AP 20 40 60 80 100 120 140 10 Labor What is AVC at its minimum? Multiple Choice O $80 when AP is maximzed O $15 . O$25 .O$40 120000 . O$100 2,000 Ave rage ard m arginal prodictof labor