analyze the graph and response to the two questions please :) thank you so so mu
ID: 1110242 • Letter: A
Question
analyze the graph and response to the two questions please :) thank you so so much!!
Price (S) 1000 Total Costs 500 Quantity 500 1000 Figure 2 19. Refer to Figure 2. The change in the slope of the total cost curve from point A to point B could most likely be explained by, a) an increase in worker productivity resulting from specialization. b) a decrease in the physical capital available to each worker. c) an increase in overtime payments as production is expanded d) less effective workers being hired as production is expanded. 20. Refer to Figure 2. The change in the slope of the total cost curve from point B to point C could most likely be explained by a) more effective workers being hired as production is expanded b) a decrease in worker productivity resulting from specialization. c) a decrease in worker productivity due to limited working space. d) an increase in the physical capital available to each worker.Explanation / Answer
Q19
Answer
Option a)
the total product increases faster than the input because the worker productivity is high because of specialization.
Q20
Answer
Option c
The increased specialization increases output but the resources are limited in the short run so the marginal product decreases.
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