Question
1) Find the average product for all with this marginal productivity table : # of cooks Marginal Product 1 4 2 5 3 6 4
1) Find the average product for all with this marginal productivity table :
# of cooks Marginal Product
1 4
2 5
3 6
4 7
5 6.8
6 6.7
2) If a banana firm is maximizing its profit and is earning positive economic profit, which of the following must be true?
a) ATC
b) ATC > price; MC = MR
c)ATC MR
d)TC >TC ; MC > MR
e)TC = TR ; MC > MR
f) None of the above.
3) Where does the first decline in productivity occurs upon this example:
#of workers Average Productivity
1 6
2 8
3 9
4 9.25
5 9.30
6 9.32
4) What is happening to the variable costs in this image? What is happening to the total costs in this image? [increasing? decreasing? staying constant?]
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