Total product divided by the number of units of variable input employed equals:
a. |
average product. |
b. |
marginal revenue product. |
c. |
returns to scale. |
d. |
marginal product. |
The correct option is a) average product.
Total product divided by the number of units of variable input employed equals average product. Average product = TP/ Total number of units of variable input .
Total product divided by the number of units of variable input employed equals: a. average product....
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
1)Which of the following statements is true? A. Average fixed cost equals total fixed cost divided by total output. B. Average total cost always falls as output increases. C. Average fixed cost equals average total cost plus average variable cost. D. Average variable cost is always greater than average fixed cost. 2) As output increases, average fixed cost A. remains constant. B. always decreases. C. decreases, then increases. D. increases, then decreases. 3) Average total cost minus average variable cost...
1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
which of the following statements is (are) correct? (x) Average variable cost equals variable costs divided by quantity produced. (y) Marginal cost equals the change in variable costs divided by the change in quantity produced. (z) If you find the difference between average total cost and average variable cost and then multiply that value by the specified quantity then the resulting value is the amount of fixed costs. A. (x), (y) and (z) B. (x) and (y) only C. (x)...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: a average product is 10 units when 4 workers are employed. b. the marginal product of the 5th worker is 8 units. c. average product must be falling because the marginal product of the 5th worker is lower than the average product for 4 workers. all of the above are true.
marginal product equals 0 when: a. average product equals 0 b. total product reaches its maximum value c. total product equals average product d. average product reached its minimum value
The marginal cost of production equals the _______________divided by the marginal product of the variable labor input. Select one: a. Average cost b. Fixed cost c. Wage rate d. Price of the good
10.a) Complete the following table: Quantity Of Variable Total Input Output Marginal Product of Variable Input Average Product of Variable Input 30 90 b) Draw the marginal product of variable input and comment on its shape.
As additional units of a variable input are added to one or more fixed inputs, the marginal product of the variable input will: initially increase then decrease. initially increase and continue to increase. remain constant as long as production exhibits constant returns to scale. initially decrease and continue to decrease. initially decrease then increase.