The marginal product of a particular factor of production 0 is equal to the ratio of the amount of the factor to the amount of output produced. 0 is equal to the amount of additional output that can be produced with one additional unit of each factor input. D is equal to the amount of additional output that can be produced with one additional unit of the factor input. holding other inputs con stant. D always exceeds the average product of that factor input, holding constant the quanties of other factor in puts. Question 11 1 pts The representative consumer chooses the consumption/leisure bundle such that O the marginal rate of substitution between labor and leisure equals the real wage. O the marginal rate of substitution between consumption and leisure equals the real wage. O the marginal product of labor equals the real wage rate. O the price of consumption equals the price of leisure. Consider an economyI with a com producer. some consumers. and a government. In a given veer, the corn producer grows 30 million bushels of com and the market price for com is $5 per bushel. Of the 30 million bushels produced, 20 million are sold to consumers, 5 million are stored in inventory, and 5 million are sold to the government to feed the army. The com producer pavs $60 million in wages to consumers, and $20 million in taxes to the government. Consumers pay $10 million in taxes to the government, receive $10 million in interest on the government debt. and receive $5 million in Social Securitv payments from the government. The prots of the corn producer are distributed to consumers. D Question 13 1 pts Using the information from Question 12, compute private disposable income. D Question 14 1 pts Using the information from Question 12, compute private sector savings.Question 15 1 pts Using the information from Question 12, compute national savings.D Question 16 1 pts Using the information from Question 12, compute the government deficit.D Question 9 1 pts When the representative rm maximizes prots C) production is maximized. C) the slope of the production function is constant. C) the labor 50513 are minimized. C) the marginal product of labor equals the real wage