Quiz5 - ECO 201 Quiz 5 Dr. Antonio Saravia Multiple Choice...

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ECO 201 Quiz 5 Dr. Antonio Saravia Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. The figure below depicts a production function for a firm that produces cookies. Use the figure to answer the following questions. Figure 13-1 1. Refer to Figure 13-1. With regard to cookie production, the figure implies a. diminishing marginal product of workers. b. diminishing marginal cost of cookie production. c. decreasing cost of cookie production. d. increasing marginal product of workers. Use the following information to answer the following questions. Adrian's Premium Boxing Service subcontracts with a chocolate manufacturer to box premium chocolates for their mail order catalogue business. She rents a small room for $150 a week in the downtown business district that serves as her factory. She can hire workers for $275 a week. Table 13-2 Number of Workers Chocolates Produced per Week Marginal Product of Labor Cost of Factory Cost of Workers Total Cost of Inputs 0 0 1 330 150 275 425 2 630 3 150 825 975 4 890 5 950 60 1,375 6 10 1,800
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2. Refer to Table 13-2. What is the marginal product of the second worker?
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Quiz5 - ECO 201 Quiz 5 Dr. Antonio Saravia Multiple Choice...

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