otal 75 68 68 57 42 5 4 5 6 7 8 Labor (units) 10) Refer to Figure 11-1. The marg
ID: 1157651 • Letter: O
Question
otal 75 68 68 57 42 5 4 5 6 7 8 Labor (units) 10) Refer to Figure 11-1. The marginal product of the 3rd worker is A) 57, 8) 19. C15. D)11 11) Refer to Figure 11-1. Diminishing marginal productivity or return sets in after 11) A) the 2nd worker is hired C) the 4th worker is hired. D) the 5th worker is hired. B) the 3rd worker is hired 12) If another worker adds 9 units of output to a group of workers who had an average product of 7 units, then the average product of labor 12)_ A) will increase B) will decrease. C) will remain the same D) and what will happen to it cannot be determined 13) Gertrude Stork's Chocolate Shoppe normally emplays 4 Shoppe's total output decreased. Therefore 13) workers. When the Chocolate Shoppe hired a 5th worker the A) the average product of the 5th worker is negative. 8) the marginal product of the 5th worker is negative. C) the total output of Gertrude Stork's Chocolate Shoppe is negative. should be hired only if he is willing to accept a woge lower than the wage paid to the other 4 workers. 14) If marginal product is greater than average product, then A) average product must be decreasing B) marginal product must be decreasing C) marginal product could either be increasing or decreasing D) marginal product must be increasing 14)Explanation / Answer
a) The Marginal Product of the third worker is 15. the answer is "C". The output increased from 42 to 57 the Marginal product will be 15.
b) "A" The second worker. The diminishing return sets in after the second worker is hired.
c) "A" The average product of labor will increase.
d) "B" The marginal product of the fifth labor is negative.
e) "D" The marginal product must be increasing.
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