It was noted in class that a production function identifies the maximum amount o

ID: 1103348 • Letter: I

Question

It was noted in class that a production function identifies the maximum amount of output that can be obtained from a given amount of input. That is, workers are as were to shirk, then i. the level of output per period will be less than the level of output if workers do not shirk ii. MPL and APL will be greater than MPL and APL if workers do not shirk ii. the total labor costs required to produce a given level of output will be greater than if workers do not shirk but total fixed costs will be unaffected O ii O ii O i and ii O i and ii O ii and ii O i, ii, and ii

Explanation / Answer

Ans: i and iii

Explalation:

Shrik means laborers avoid to work. It means the productivity of laborer will decrease due to shrik. When each labor would produce less, then total output would be less than when workers do not shrik. Thus, option (i) is correct.

Again, when output per worker decreases, cost of production per unit would increase. Thus, option (iii) is correct.

When output per worrker decreases, MPL and APL will be less than MPL and APL if workers do not shrik. Thus, option (ii) is incorrect.

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