Question

1)

Output (number of dogs walked per week) Number of Workers 1 25 2 55 3 80 95 Refer to the table. Francisco's dog walking business experiences diminishing marginal productivity with the addition of the A) Second worker. B) Third worker C) First worker. D) Fourth worker

2)

A) A horizontal straight line

B) An upward–sloping curve that increases at a constant rate

C) An upward–sloping curve that increases at an increasing rate

D) An upward–sloping curve that increases at a decreasing rate

3)

A) 0

B) 300

C) 150

D) 75

4)Forgone interest payments when the money is invested in one's business are an __________ of capital.

Use letters in alphabetical order to select options

A) Opportunity cost

B) Accounting cost

C) Accepted cost.

D) Explicit cost

Answer 1

1)

W	Q	MP
0	0
1	25	25
2	55	30
3	80	25
4	95	15

Diminishing returns start from 3rd worker

option (B)

2) An upward–sloping curve that increases at an increasing rate

option(C)

3) MP = change in total product

= 150

option(C)

4) opportunity cost

option(A)