The marginal product concept is:
A) used to describe the relation between output and variation in all inputs in a production function.
B) the change in output associated with a one-unit change in an individual factor.
C) total product divided by the number input units employed.
D) the complete output from a production system.
Correct Answer:
Verified
Q2: Marginal product is the change in output
Q3: Returns to a factor denotes the relation
Q4: When PX = $100, MPX = 10
Q5: When PX = $60, MPX = 5
Q6: Total product divided by the number of
Q7: The production function Q = 0.25X0.5Y exhibits:
A)
Q8: A production function describes the relation between
Q9: When the slope of the average product
Q10: Total output is maximized when:
A) average product
Q11: The returns to scale characteristic of a
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