Econ_11_Prac_Quiz_4

Econ_11_Prac_Quiz_4 - Practice Quiz 4 Econ 11...

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Practice Quiz 4 1 Econ 11 Microeconomics Practice Quiz 4 IX-1 1. The marginal physical productivity of labor is a. the slope of the total output curve at the relevant point b. the negative of the slope of the total output curve at the relevant point c. the slope of the line connecting the origin with the relevant point on the total output curve d. the negative of the slope of the line connecting the origin with the relevant point on the total output curve IX-2 2. Graphically, the average productivity of labor is illustrated by a. the slope of the total product curve at the relevant point b. the slope of the marginal productivity curve at the relevant point c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve IX-3 3. Suppose the production function for good q is given by q = 3k + 2l where k and l are capital and labor inputs. Consider three statements about this function: I. The function exhibits constant returns to scale.
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Econ_11_Prac_Quiz_4 - Practice Quiz 4 Econ 11...

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