Quiz_105 - 59 ? , A , B ,the

Quiz_105 - 59 ? , A , B ,the

This preview shows page 1 - 3 out of 4 pages.

59) Which of the following describes how output changes in the short run? Because of specializationand the division of labor, as more workers are hired A) the marginal product of labor will first decrease, then increase at a decreasing rate.B) output will first increase at an increasing rate, then output will increase at a decreasing rate.C) the marginal product of labor will first be negative and then will be positive.D) output will first decrease at an increasing rate, then increase at a decreasing rate.Answer: B 59) Diff: 2 Page Ref: 361 - 362/361 - 362 Topic: Marginal Product of Labor Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor supply and labor in factor markets AACSB: Reflective Thinking 60) If 11 workers can produce 53 units of output while 12 workers can produce 56 units of output,what is the marginal product of the 12th worker? 60) Diff: 2 Page Ref: 359/359 Topic: Marginal Product of Labor Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor supply and labor in factor markets AACSB: Analytic Skills Table 11 - 2 Quantity of Workers Quantity of Boxes Marginal Product of Labor Average Product of Labor 0 0 ----- ----- 1 50 2 200 3 240 4 264 5 284 61)Refer to Table 11-2.The table above refers to the relationship between the quantity of workersemployed and the number of cardboard boxes produced per day by Mannyʹs House of Boxes. Thecapital used to produce the boxes is fixed. Diminishing returns to labor are first observed in thisexample after Manny hires the ________ worker. 61) Diff: 1 Page Ref: 361 - 362/361 - 362 Topic: Average Product of Labor Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor supply and labor in factor markets AACSB: Analytic Skills 17
Image of page 1
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 4 pages?

  • Fall '13
  • Economics, Marginal product, Prime number, AACSB

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture