Diminishing marginal product suggests that the marginal a.cost of an extra worke

Question

Diminishing marginal product suggests that the marginal a.cost of an extra worker is unchanged. b. cost of an extra worker is less than the previous worker'smarginal cost. c.product of an extra worker is less than the previousworker's marginal product. d. product of an extra worker is greater than the previousworker's marginal product. Diminishing marginal product suggests that the marginal a.cost of an extra worker is unchanged. b. cost of an extra worker is less than the previous worker'smarginal cost. c.product of an extra worker is less than the previousworker's marginal product. d. product of an extra worker is greater than the previousworker's marginal product.

Explanation / Answer

c.product of an extra worker is less than the previousworker's marginal product. consider this: Fall in therate-of-increase in output of a process as the amount of an inputis increased, while the amount of other inputs is held constant.For example, it is usually possible to increase the output of afarm by adding more labor, fertilizers, or water-but only up to acertain extent. If it were otherwise, any one farm could feed theentire world. ~ To certain extent, we can add so many workers to keep the sameefficiency. If for example a factory has too many workers it willbe hard for themt o move around thus decrease efficiency ~ To certain extent, we can add so many workers to keep the sameefficiency. If for example a factory has too many workers it willbe hard for themt o move around thus decrease efficiency

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.