The marginal product is defined as:
A) The ratio of total output to the amount of the variable input used in producing the output
B) The incremental change in total output that can be produced by the use of one more unit of the variable input in the production process
C) The percentage change in output resulting from a given percentage change in the amount
D) The amount of fixed cost involved.
E) None of the above
Correct Answer:
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Q12: The combinations of inputs costing a constant
Q13: The marginal product is the incremental change
Q14: The marginal rate of technical substitution may
Q15: The isoquants for inputs that are perfect
Q16: The law of diminishing marginal returns:
A) states
Q18: What's true about both the short-run and
Q19: The following is a Cobb-Douglas production function:
Q20: Marginal revenue product is:
A) defined as the
Q21: Given a Cobb-Douglas production function estimate of
Q22: The Cobb-Douglas production function has which of
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