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Question 5: Based on the table below, for which worker does diminishing marginal returns begin to set in?

Worker Output

 10         400

 11         450

 12         490

 13         520

 14         540

a. 10

b. 11

c. 12

d. 13

e. 14

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

Output ------- Total Cost -- Variable Cost

0                       500                  0

100                  5700              700

200                  6300            1300

300                  7100            2100

400                  8000            3000

10. In this table, diminishing marginal productivity first becomes evident when the firm employs which worker?

A) Worker number 2

B) Worker number 3

C) Worker number 4

D) Worker number 5

11. If marginal productivity of labor is falling, by hiring another unit of labor (all else held the same) we know that:

A) Average productivity must be falling

B) Marginal cost must be falling

C) Marginal cost must be rising

D) Average cost must be falling

12. In this table, the fixed cost of producing is:

A) $8,000

B) $700

C) $5,000

D) $3,000

Using the table below, answer the question. 

              Quantity    Marginal private cost ($)     Marginal private benefit ($)      Marginal social benefit ($)
              500                    10                      14                      16
              550                    11                      13                      15
              600                    12                      12                      14
              650                    13                      11                      13
              700                    14                      10                                 12

6. The efficient level of output is

a. 550.

b. 600.

c. 650.

d. 700.

Question 2 Unsaved In the table below at what unit of input does diminishing marginal returns begin to set in?

Labor Output

1         10

2         30

3         60

4       100

5       150

6       210

Question 2 options:

3

4

5

6

Diminishing marginal returns are not present in this table.

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