Diminishing marginal productivity in a skateboard company means that: Question 3 options: hiring additional workers causes...
Diminishing marginal productivity in a skateboard company means that: Question 3 options: hiring additional workers causes the total output of skateboards to fall. hiring additional workers does not change the total output of skateboards produced. hiring additional workers adds fewer and fewer skateboards to total output. the average total cost of production must be decreasing.
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Diminishing marginal productivity in a skateboard company means
that: Question 3 options: hiring additional workers causes...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
Cabinets question Diminishing marginal returns occur when: O total product decreases. O each additional unit of...
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
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...
Marginal cost represents the Question 21 options: 1) additional cost of hiring one more unit of...
Marginal cost represents the Question 21 options: 1) additional cost of hiring one more unit of input 2) the amount of output we get when spending $1 more on inputs 3) additional cost of producing one more unit of output. 4) change in total cost divided by the change in an input. 5) all of the above.
The law of diminishing returns means that Multiple Choice O total product will eventually increase at...
The law of diminishing returns means that Multiple Choice O total product will eventually increase at a decreasing rate as more inputs are employed. O the marginal product will increase at an increasing rate. O average total costs are rising and then falling as output is increased. O average fixed cost will fall as production increases.
blank 1-diminishing or increasing 2-decreasing or increasing 5. The relationship between marginal product and marginal cost...
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 6-1 shows the change in the short-run production of pizzas as more workers are hired. The table shows the marginal product of the labor input is decreasing with the hiring of the third worker. A possible reason for this diminishing marginal product is: a. increased division of labor as additional workers are hired. b. increases in plant size. c....
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to red...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
The second part of this question's options are increasing or decreasing 5. The relationship between marginal physical p...
The second part of this question's options are increasing or
decreasing
5. The relationship between marginal physical product and marginal cost Shen's Big Burger is a small restaurant that sells hamburgers. For Shen, grills are a fixed input and workers are variable inputs. Assume that labor is Shen's only variable cost. Shen has a fixed cost of $50 per day and pays each of his workers $50 per day. Shen's total product schedule and total cost at each level of...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
Cabinets question
Diminishing marginal returns occur when: O total product decreases. O each additional unit of a variable factor adds more to total output than the previous unit. the marginal product of a variable factor is increasing at a decreasing rate. each additional unit of a variable factor adds less to total output than the previous unit. Marginal Product of Labor of Labor Quantity of (workers) Cabinets (cabinets per worker) cost, how many workers would your firm employ? (Table: Production...
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...
The law of diminishing returns means that Multiple Choice O total product will eventually increase at a decreasing rate as more inputs are employed. O the marginal product will increase at an increasing rate. O average total costs are rising and then falling as output is increased. O average fixed cost will fall as production increases.
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
Question 5 1 pts One would expect to observe diminishing marginal product of labor when O union workers are told to reduce their work effort in preparation for a new round of collective bargaining talks. O workers are discouraged about the lack of help from other workers. O crowded office space reduces the productivity of new workers. O only new workers are trained in using the most productive capital. Question 6 1 pts Diminishing marginal product suggests that the marginal...
The second part of this question's options are increasing or
decreasing
5. The relationship between marginal physical product and marginal cost Shen's Big Burger is a small restaurant that sells hamburgers. For Shen, grills are a fixed input and workers are variable inputs. Assume that labor is Shen's only variable cost. Shen has a fixed cost of $50 per day and pays each of his workers $50 per day. Shen's total product schedule and total cost at each level of...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
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