(Figure: Production Function I) Which of the following statements is (are) TRUE? I. At L = 5, MPT_L > AP_L.
II) At L = 2, MP_L = AP_L.
III) For this production function, MP_L is greater at L = 2 than at L = 8.
IV) For this production function, MP_L is always greater than AP_L.

Question

(Figure: Production Function I) Which of the following statements is (are) TRUE?

I. At L = 5, MPT_L > AP_L.
II) At L = 2, MP_L = AP_L.
III) For this production function, MP_L is greater at L = 2 than at L = 8.
IV) For this production function, MP_L is always greater than AP_L.

Quizplus · Accepted Answer

The Answer of (Figure: Production Function I) Which of the following statements is (are) TRUE? I. At L = 5, MPT_L > AP_L. II) At L = 2, MP_L = AP_L. III) For this production function, MP_L is greater at L = 2 than at L = 8. IV) For this production function, MP_L is always greater than AP_L. A) I and II B) III C) I and IV D) II

(Figure: Production Function I) Which of the Following Statements Is