The inflection point of the total product curve is where: a. the value of the marginal...
The inflection point of the total product curve is where:
|
a. |
the value of the marginal product is negative. |
|
b. |
the average product equals marginal product. |
|
c. |
the marginal product reaches its maximum or the total product will start to increase at a decreasing rate. |
|
d. |
the marginal rate of technical substitution is equal to one. |
Homework Answers
|
c. |
the marginal product reaches its maximum or the total product will start to increase at a decreasing rate. |
inflection point where the slope of the Total Product curve reaches a maximum. Of course the name for the slope of the Total Product curve is Marginal Product reaches its maximum or the total product will start to increase at a decreasing rate.
Add Answer to:
The inflection point of the total product curve is where:
a.
the value of the marginal...
When the value of the marginal product reaches zero, then that point is also the place...
When the value of the marginal product reaches zero, then that point is also the place where O the total product curve is increasing the fastest. O the total product curve is at its minimum. O the total product curve is decreasing. the total product curve reaches its maximum point.
1)The marginal product of labor is equal to the A. total product divided by the total...
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....
marginal product equals 0 when: a. average product equals 0 b. total product reaches its maximum...
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
As more and more of the _____ input is used, the total product curve increases quickly...
As more and more of the _____ input is used, the total product curve increases quickly at first because _____ product increases and then more slowly because _____. a. fixed; average; average product decreases b. variable; average; average product reaches a maximum c. variable; marginal; marginal product diminishes d. fixed; marginal; marginal product reaches a maximum
4) (20 pts) The marginal product curve intersects the average product curve at the maximum point...
4) (20 pts) The marginal product curve intersects the average product curve at the maximum point of the AP curve. Conversely, the marginal cost curve intersects the average variable cost curve at the minimum point of the AVC curve. a. Explain why this necessarily has to be the case. Present your answer both in mathematical and intuitive terms. Be as detailed as you possibly can in answering this question. b. Explain why the marginal cost curve above the average variable...
A firm attempting to expand output in the short-run faces the total product of labor schedule:...
A firm attempting to expand output in the short-run faces the total product of labor schedule: TPL = 24 L^2 - L^3 The firm's total product is maximum at L= . The firm's total product curve is a concave up function at the interval [ ). (Note: Please write the largest interval where the total product curve is a concave up function. Please use a comma to separate two numbers, but please do not use any space. ) The firm's marginal...
When the slope of the total product curve begins to flatten, A. marginal product must be...
When the slope of the total product curve begins to flatten, A. marginal product must be increasing. B. additional inputs add more and more to total product than those added before. C. total cost must be increasing at an increasing rate. D. total cost must be increasing at a decreasing rate.
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
1- The break-even point is the point where: A. incremental revenue equals incremental costs. B. marginal...
1- The break-even point is the point where: A. incremental revenue equals incremental costs. B. marginal revenue equals marginal cost. C. the slope of the demand curve equals the slope of the cost curve. D. total revenue equals total cost. 2- When the threat of new entrants is low, prices tend to be: A. higher. B. stable. C. lower. D. variable. 3- Costs that do not change with the volume produced are referred to as: A. unavoidable costs. B. totally...
Efficient scale describes the point where... a. Marginal Revenue intersects the demand curve b. Marginal Revenue...
Efficient scale describes the point where... a. Marginal Revenue intersects the demand curve b. Marginal Revenue crosses Average Variable Cost c. Marginal Revenue crosses Average Total Cost d. Marginal Revenue crosses Marginal Cost
When the value of the marginal product reaches zero, then that point is also the place where O the total product curve is increasing the fastest. O the total product curve is at its minimum. O the total product curve is decreasing. the total product curve reaches its maximum point.
4) (20 pts) The marginal product curve intersects the average product curve at the maximum point of the AP curve. Conversely, the marginal cost curve intersects the average variable cost curve at the minimum point of the AVC curve. a. Explain why this necessarily has to be the case. Present your answer both in mathematical and intuitive terms. Be as detailed as you possibly can in answering this question. b. Explain why the marginal cost curve above the average variable...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
Most questions answered within 3 hours.
-
In a performance test, each of two cars takes 8.9 s to
accelerate from rest to...
asked 10 minutes ago -
Sapphire Aerospace operates 52 weeks per year, and its cost of
goods sold last year was...
asked 13 minutes ago -
Which of these four researchers is most likely to have made Type
1 error
Kim who...
asked 9 minutes ago -
Create ER Model
Assets are resources that are used in CMS to display content.
Each asset...
asked 8 minutes ago -
A. Suppose your manager indicates that for a normally
distributed data set you are analyzing, your...
asked 13 minutes ago -
For each the following molecules draw the best possible
structure based on formal charges for each...
asked 14 minutes ago -
A proton moves in the plane of this paper toward the top of the
page. A...
asked 23 minutes ago -
different divisions differing lines of business use
different costs of capital because their cost of equity...
asked 19 minutes ago -
Give an algorithm to determine whether or not the elements
of
an array of integers are...
asked 27 minutes ago -
. Gravimetric analysis. The gravimetric analysis that we will
perform in lab occurs according to the...
asked 45 minutes ago -
Learning curve problem:
A company was ordered to make 6 custom made parts. the labor
costs...
asked 42 minutes ago -
When you don’t recall operator precedences you can Guess
Experiment with the compiler Look in a...
asked 46 minutes ago