Production Function & Curves Practice

Front

Which of the following best expresses the law of diminishing returns?

Back

As successive amounts of one resource (labor) are added to fixed amounts of other resources for production, beyond some point the resulting extra output will decline.

Front

Marginal product:

Back

may initially increase, then diminish, and ultimately become negative.

Front

Marginal product is:

Back

the increase in total output attributable to the employment of one more worker.

Front

What is the marginal product of the sixth worker based on the data showing the number of workers and quantity of burgers produced in one hour?

Back

15 units

Front

Refer to the data showing the number of workers and quantity of burgers produced in one hour. The average product for the third worker is:

Back

42 units

Front

Refer to the data showing the number of workers and quantity of burgers produced in one hour. Stage I of production ends with the:

Back

2nd worker

Front

Refer to the data showing the number of workers and quantity of burgers produced in one hour. Stage II of production starts with the: 1st worker, 2nd worker, 3rd worker, 4th worker, cannot be determined

Back

3rd worker

Front

What is the average product for three workers?

Back

9

Front

What is the marginal product for the 2nd worker?

Back

9

Front

What is the total product for 5 workers?

Back

50