Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

1. If the marginal product decreases, what will happen to the total product and average product? A. Decrease; decrease. B. Decrease; increase. C. Increase; increase.

1. If the marginal product decreases, what will happen to the total product and average product? A. Decrease; decrease. B. Decrease; increase. C. Increase; increase. D. Indeterminate; decrease. E. Indeterminate; indeterminate. 2. What can a firm do to increase productivity in the short run once it's marginal product is zero? A. Increase the quantity of the input. B. Decrease the quantity of the input. C. Lower the price of its product. D. Raise the price of its product. E. Nothing, as more workers decreases total product. 3. Given the marginal product curve and average product curves attached, at which of the following points would the total product be highest? A. Q1. B. Q2. C. Q3. D. Q4. E. Indeterminate.

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Business And Economics

Authors: James T. McClave, P. George Benson, Terry Sincich

13th Edition

134506596, 978-0134506593

Students also viewed these Economics questions