Question
Hello, I don't understand the following exercise Id like to have a clear explanation. Precisely the last one (5th) I just don't get it ?
Hello, I don't understand the following exercise Id like to have a clear explanation. Precisely the last one (5th) I just don't get it ? If possible to explain me how to understand this graph and explain to me the exercise and give me other examples the may be asked related to this type of graph. Thank you!
1.Diminishing marginal product is the property whereby the marginal product of an input declines as the quantity of the input decreases.
Select one:
True
False
3. Consider the following production schedule to answer the following question:
Units of variable factor | Total product |
0 | 0 |
1 | 30 |
2 | 65 |
3 | 95 |
4 | 120 |
5 | 135 |
What is the marginal product of the fourth unit of the variable factor?
Select one:
a.15
b.25
c.30
d.35
e.40
4.
Number of Workers | Output |
0 | 0 |
1 | 50 |
2 | 110 |
3 | 180 |
4 | 260 |
5 | 330 |
At which number of workers does diminishing marginal returns begin?
Select one:
a.3
b.5
c.2
d.4
5. Adrian's Premium Chocolates produces boxes of chocolates for its mail order catalogue business. She rents a small room for $150 a week in the downtown business district that serves as her factory (K). She can hire workers (L) for $275 a week. There are no implicit cots.
#Workers #Boxes MPL Cost of K Cost of L Total Cost
0 0 ? ? ? ?
1 ? 330 150 275 425
2 630 ? ? ? ?
3 ? 150 ? 825 975
4 890 ? ? ? ?
5 950 60 ? 1375 ?
6 ? 10 ? ? 1800
During the week of July 1st, Adrian does not box any chocolates. What are her costs during that week?
Select one:
a.$425
b.$0
c.$150
d.$275
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