Table 13-2 umber of Output Workers 50 110 180 330 3. Refer to Table 13-2. What i
ID: 1116051 • Letter: T
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Table 13-2 umber of Output Workers 50 110 180 330 3. Refer to Table 13-2. What is the marginal product of the fourth worker? a. 65 b. 70 c. 75 d. 80 4. Refer to Table 13-2. At which number of workers does diminishing marginal product begin? a. 2 b. 3 c. 4 d. 5 5. One assumption that distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm is that in the short run, a. output is not variable. b. the number of workers used to produce the firm's product is fixed. c, the size of the factory is fixed. d. there are no fixed costs Table 13-5 Measures of Cost for ABC Inc. Widget Factory Variable Total Quantity Fixed of Widgets Costs Costs Costs $10 S 3 $ 6 $10 $13 $16 S25 $21 $10Explanation / Answer
MPL (nth unit) = Q (n units) - Q ((n-1) units)
3) Option d is correct
4) Option d is correct (MPL starts decreasing from the 5th worker)
5) Option c is correct (The size of the factory is fixed in the short run)
L Q MPL 0 0 1 50 50 2 110 60 3 180 70 4 260 80 5 330 70Related Questions
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