The marginal product of an input is defined as a) change in average output attri

Question

The marginal product of an input is defined as
a) change in average output attributable to the last unit of an input.
b) change in total output attributable to the last unit of an input.
c) change in total input attributable to the last unit of an output.
d) change in average output attributable to the last unit of an output.


Economies of scale exist whenever:
a) average total costs decline as output increases.
b) average total costs increase as output increases.
c) average total costs are stationary as output increases.
d) both b and c.

Explanation / Answer

b) change in total output attributable to the last unit of an input. and a) average total costs decline as output increases. answer

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