Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the following questions D Question 79 1 pts Which of the following is correct about marginal and average products? When marginal product is

Please answer the following questions

image text in transcribed
D Question 79 1 pts Which of the following is correct about marginal and average products? When marginal product is less than average product, average product is constant. When marginal product is less than average product, average product is increasing. When marginal product is greater than average product, average product is decreasing. When marginal product is greater than average product, average product is increasing. Previous Next Not saved Submit Quiz (61,678 unread) - s... (61,781 unread) - s... D Question 81 1 pts Labor (workers) Total Product (dogs groomed) 0 0 40 100 150 190 220 Anna owns a dog grooming salon in Greensboro. She pays each worker $300 per week and pays a rent of $500 per week for her salon. These are her only costs. When Anna has a staff of 2 workers, her total cost equals $500 $300 $1 100 $800 Labor (workers) Total Product (Cakes baked) 0 0 40 W N P 100 150 4 190 220 Carrie owns a bakery. She pays her workers $300 a week and pays a weekly rent of $500. These are her only expenses. Her total product schedule is given above. What is her average fixed cost when she has 4 workers? $8.95 $1700 $2.63 $500 Next > Previous

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Essentials Of Business Law

Authors: Jeffrey F Beatty, Susan S Samuelson

3rd Edition

0324537123, 9780324537123

More Books

Students also viewed these Economics questions