Log in
Economics
1
answer
0
watching
97
views

The marginal product of input in the production process is?

a. the increase in the quantity of output obtained from an additional unit of input
b. the increase in profit obtained from an additional unit of input
c. the increase in total revenue obtained from an additional unit of input

Watch
1
answer
0
watching
97
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
8 Nov 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

The law of eventually diminishing marginal returns: (Points : 1)

a. states that each and every increase in the amount of the variable factor employed in the production process will yield diminishing marginal returns.
b. is a mathematical theorem that can be logically proved or disproved
c. is the rate at which one input may be substituted for another input in the production process
d. None of the above

The marginal product is defined as: (Points : 1)
a. the ratio of total output to the amount of the variable input used in producing the output
b. the incremental change in total output that can be produced by the use of one more unit of the variable input in the production process
c. the percentage change in output resulting from a given percentage change in the amount of the variable input X employed in the production process with Y
d. None of the above

The rate at which one input X may be substituted for another input Y in a production process, while total output remains constant, is: (Points : 1)
a. the slope of the isoquant curve
b. the marginal rate of technical substitution

c. equal to MPx/MPy


d. all of the above
e. none of the above

Marginal revenue product is: (Points : 1)
a. defined as the amount that an additional unit of the variable input adds to the total revenue
b. equal to the marginal factor cost of the variable factor times the marginal revenue resulting from the increase in output obtained
c. equal to the marginal product of the variable factor times the marginal product resulting from the increase in output obtained
d. a and b
e. a and c

Marginal factor cost is defined as the amount that an additional unit of the variable unit of the variable input adds to ____________. (Points : 1)
a. marginal cost
b. variable cost
c. marginal rate of technical substitution
d. total cost
e. none of the above

In the Cobb-Douglas production function Q=aL^?1.K^?2 ______________. (Points : 1)
a. the marginal product of labor (L) is equal to ?1
b. the average product of labor (L) is equal to ?2
c. if the amount of labor input (L) is increased by 1 percent, then output will increase by ?1 percent
d. a and b
e. a and c

The short-run cost function is: (Points : 1)
a. where all inputs to the production process are available
b. relevant to decisions in which one or more inputs to the production process are fixed
c. not relevant to optimal pricing and production output decision facilities
d. crucial in making optimal investment decisions in new production facilities
e. none of the above

Theoretically, in a long-run cost function: (Points : 1)
a. all inputs are fixed
b. all inputs are considered variable
c. some inputs are always fixed
d. capital and labor are always combined in fixed proportions

A linear total cost function implies that: (Points : 1)
a. marginal costs are constant as output increases
b. average total costs are continually decreasing as output increases
c. a and b
d. none of the above

 

Question 1

 

A firm should hire workers up to the point where
 

Question 1 options:

 
MP = P.
 
MFC = P.
 
MFC = MRP.
 
MP = MRP.
 

Question 2

 

If the additional revenue from hiring an additional worker equals the additional costs from hiring the extra worker, then we know that
 
Question 2 options:
 
MFC/MPPL = wage.
 
MFC/MRPL = 1.
 
MFC = MPPL.
 
MRPL/P = MFC.
 

Question 3

A firm that maximizes profits also
 
Question 3 options:
 
pays input prices lower than other firms do.
 
cuts corners in production processes so that its products are made too cheaply.
 
is inefficient.
 
uses the least-cost combination of resources.

Question 4

The demand curve for labor slopes down because
 
Question 4 options:
 
firms value less efficient workers less than they value more efficient workers.
 
firms must lower prices to sell the additional units of its product that the extra workers produce.
 
of profit maximizing behavior.
 
of the law of diminishing marginal product.

Question 5

If MFC > MRPL, the firm should
 
Question 5 options:
 
get rid of some capital.
 
reduce the number of workers.
 
lower wages.
 
hire more workers.

Question 6

Which of the following will not lead to an increase in the demand for labor for a firm producing automobiles?
 
Question 6 options:
 
A decrease in labor productivity.
 
A decrease in the price of automobiles.
 
A decrease in the price of robots that are used to solder parts of the car together.
 
An increase in the demand for automobiles.

Question 7

 
The marginal revenue product gives
 
Question 7 options:
 
the additions to total cost when an additional unit of a variable input is hired.
 
the additional revenue obtained when an additional unit of a variable input is hired.
 
the change in total product for an additional unit of a variable input.
 
the amount that other inputs must increase by when labor increase by one unit.

Question 8

The monopolist's input demand curve is the
 
Question 8 options:
 
marginal physical product curve.
 
marginal revenue product curve.
 
marginal revenue curve.
 
marginal factor cost.

Question 9

An increase in product price implies that
 
Question 9 options:
 
the firm's demand for labor increases.
 
the firm's demand for labor decreases.
 
the wage rate the firm pays will increase.
 
the firm's marginal factor cost will increase.

Question 10

Which of the following will not lead to a change in the demand for labor?
 
Question 10 options:
 
A change in the supply of labor.
 
A change in demand for the final good.
 
A change in the price of a substitute input.
 
A change in labor productivity.

A competitive firm will maximize profit by hiring the amount of input at which Select one:

a. the additional output from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount.

b. the additional revenue from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount.

c. the last unit of the input hired adds the same amount to total revenue as to total cost.

d. the last unit of the input hired adds the same amount to total output as to total cost.

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in