If diminishing marginal returns have already set in for The Picture Perfect Framing Store and the...
If diminishing marginal returns have already set in for The Picture Perfect Framing Store and the marginal product of the fifth picture framer is 20, then the marginal product of the sixth picture framer must be
Group of answer choices
a) negative
b) zero
c) less than 20
d) greater than 20
Homework Answers
Ans: c ) less than 20
Explanation:
Diminishing marginal returns implies that total product or return increases at a decreasing rate in the subsequent level of production.In the above case , due to diminishing marginal returns we can conclude that the marginal product of the sixth picture framer must be less than 20.
MP = TPn - TPn-1
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If diminishing marginal returns have already set in for The Picture Perfect Framing Store and the...
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a. Complete the following table.
b. Explain whether the production function satisfies the
diminishing marginal returns property.
c. Draw the firm’s short-run production function and verify
graphically that average product is falling when it is higher than
the marginal product and that total product is falling when
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Cabinets question
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a. Complete the following table.
b. Explain whether the production function satisfies the
diminishing marginal returns property.
c. Draw the firm’s short-run production function and verify
graphically that average product is falling when it is higher than
the marginal product and that total product is falling when
marginal product is negative.
Number of Workers | Average product of labor Total product Marginal product of labor 20
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Cabinets question
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