The table below refers to the next two questions: Units of Labor 10 25 35 43 -31

Question

The table below refers to the next two questions: Units of Labor 10 25 35 43 -31. What is the marginal physical product of the second unit of labor? (a) 10. (b) 15. (c) 25. (d) 5 2, with which unit of labor do diminishing marginal returns first appear? (a) the first (b) the second (c) the thircd (d) the fourth For a given range of production, the extra product of each additional worker is smaller than the extra product of the worker hired just before. This statement describes: 33. (a) constant returns (b) negative returns (c) diminishing returns (d) increasing returns (e) average returns 34. The addition to total output resulting from employing one more worker is: (a) average product (b) input (c) total product (d) marginal product (e) a production function 35. In the short run: (a) all of the firm's outputs are variable (b) none of the firm's outputs are variable (c) the time period always covers one year (d) technically efficient production is not possible (e) at least one of the firm's inputs cannot be varied

Explanation / Answer

31. Ans: 15

Explanation:

MPP = 25 - 10 = 15

32. Ans: the third

Explanation:

Because from third unit of labor MPP starts declining.

33. Ans: diminishing return

34. Ans: marginal product

35. Ans: at least one of the firm's inputs cannot be varied.

Unit of labor Unit of output MPP 0 0 1 10 10 2 25 15 3 35 10 4 43 8

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