Production Theory

Labor, capital, and machine are three types of input in Economic

• True

• False

A company runs the short run framework when at least 1 input is fixed

• True

• False

Marginal product of labor is the total product (output) that can be produced by one labor?

• True

• False

Optimal Use of Labor is reached when Marginal Revenue Product of Labor (MRPL) equals Marginal Resource

Cost of Labor (MRCL)

• True

• False

If the increase of output is lower than the increase of inputs, the production exhibit increasing returns to scale

• True

• False