if the profit rate on output is declining with more output while the marginal product is...
if the profit rate on output is declining with more output while the marginal product is constant with more output, then the maximum profit is reached when
Profit rate on output is equal to zero
Marginal revenue is equal to zero
Marginal Product is equal to zero
Marginal Profit is equal to zero
Homework Answers
Answer
Option 4
Marginal Profit is equal to zero
The Marginal Profit is equal to zero when the profit is maximum.
The profit rate is declining as output increases but the marginal output is constant
as the input cost is increasing as input demand increases
Input cost =wage=MC*MP
MP has no effect on profit as it is constant.
the marginal profit =MR-MC
MC increases and marginal profit decreases and it is maximum when the marginal profit is zero.
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