(Figure: Production Function II) Which of the following statements are TRUE? I. This production function exhibits diminishing marginal product.
II) At L = 3, MP_L = 1.88 and AP_L = 4.
III) At L = 6, AP_L > MP_L.
IV) At L = 3, MP_L = 4 and AP_L = 1.88.

Question

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

I. This production function exhibits diminishing marginal product.
II) At L = 3, MP_L = 1.88 and AP_L = 4.
III) At L = 6, AP_L > MP_L.
IV) At L = 3, MP_L = 4 and AP_L = 1.88.

Quizplus · Accepted Answer

The Answer of (Figure: Production Function II) Which of the following statements are TRUE? I. This production function exhibits diminishing marginal product. II) At L = 3, MP_L = 1.88 and AP_L = 4. III) At L = 6, AP_L > MP_L. IV) At L = 3, MP_L = 4 and AP_L = 1.88. A) II and III B) I, II, and III C) I, III, and IV D) I and II

(Figure: Production Function II) Which of the Following Statements Are