Homework Answers
Solution:
The law of diminishing marginal returns states that a lower additional output is produced with every successive input unit. In other words, it means that as the input is increased, the additional output it produces goes on decreasing/diminishing. So, the production function depicting such property must be concave shaped.
So, the correct option is (c).
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Which of the following production functions is consistent with the law of diminishing marginal returns? OA...
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Which of the following statements about the law of diminishing returns are Correct? The law of diminishing returns says that a firm’s marginal cost curve will eventually slope upwardly as it produce more and more output. The existence of fixed inputs ensures that the law of diminishing returns will eventually set in as more variable inputs are added to the production. The law of diminishing returns ensures that diseconomies of scale will eventually set in as more inputs are added...
The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for...
The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for k and 1. Ob. exhibits constant returns to scale and constant marginal productivities for k and 1. c.exhibits diminishing returns to scale and diminishing marginal productivities for k and 1. o d. exhibits diminishing returns to scale and constant marginal productivities for k and I.
28) The law of diminishing returns, as it applies to labor, means that A) the marginal...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
Which of the following statements about the law of diminishing returns are Correct? pick one The...
Which of the following statements about the law of diminishing returns are Correct? pick one The law of diminishing returns says that a firm’s marginal cost curve will eventually slope upwardly as it produce more and more output. The existence of fixed inputs ensures that the law of diminishing returns will eventually set in as more variable inputs are added to the production. The law of diminishing returns ensures that diseconomies of scale will eventually set in as more inputs...
Which one of the following production functions exhibits diminishing returns to labor and increasing returns to...
Which one of the following production functions exhibits diminishing returns to labor and increasing returns to capital? (K=capital, N=labor, A=constant) A. F(K,N) = (AK^1.4)(N^.9) B. F(K,N) = (AK^0.5)(N^0.7) C. F(K,N) = (AK^1.4)(N^1.3) D. F(K,N) = (AK^0.5)(N^1.5)
If a production process faces diminishing marginal returns, which of the following is most likely? A...
If a production process faces diminishing marginal returns, which of the following is most likely? A marginal costs are constant B marginal costs are increasing C marginal costs are decreasing D marginal costs may increase and then eventually decrease
In order for the law of diminishing returns to be present, we must have a. at...
In order for the law of diminishing returns to be present, we must have a. at least one factor of production to be fixed. b. output decreasing as more laborers are hired. c. the price of labor increasing as more workers are hired. d. simultaneous changes in labor and capital. e. double the output when labor input is doubled.
If a particular production process is subject to diminishing marginal returns to labor at every level...
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1. According to the law of diminishing returns, the: a. total product of an input must...
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The law of diminishing returns suggests that, in the short run, the marginal product of a...
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The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for k and 1. Ob. exhibits constant returns to scale and constant marginal productivities for k and 1. c.exhibits diminishing returns to scale and diminishing marginal productivities for k and 1. o d. exhibits diminishing returns to scale and constant marginal productivities for k and I.
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
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