2
answers
0
watching
210
views
28 Sep 2019
True/False (Explain) (The explanation is the most important part â no credit will be given for True/False answer alone)
1. âTechnological improvementâ refers to an increase in the amount of capital used, which causes the productivity of labor to increase.
2. A production function that is characterized by constant returns to scale cannot also have diminishing marginal returns to labor.
3. The average product of labor at any level of production describes the average amount by which output should be expected to increase if another unit of labor is added.
4. The short-run marginal cost curve slopes upward when the inputs to production exhibit diminishing marginal returns.
True/False (Explain) (The explanation is the most important part â no credit will be given for True/False answer alone)
1. âTechnological improvementâ refers to an increase in the amount of capital used, which causes the productivity of labor to increase.
2. A production function that is characterized by constant returns to scale cannot also have diminishing marginal returns to labor.
3. The average product of labor at any level of production describes the average amount by which output should be expected to increase if another unit of labor is added.
4. The short-run marginal cost curve slopes upward when the inputs to production exhibit diminishing marginal returns.
Paramjeet ChawlaLv8
28 Sep 2019
Already have an account? Log in