ProblemSet12 - EC201: Spring 2010 Professor Steven Haider...

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EC201: Spring 2010 Professor Steven Haider Problem Set for Chap 12 NOTE: An answer key follows each of the chapters. In the answer key, each question is assigned a “Topic”, which generally refers to a subtitle of the text. Thus, if you would like additional information about any of the questions, these topics will point you to where to look in the text. Version: 24-Feb-10
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Chapter 12 1. The total product curve: A) shows the relation between output and the quantity of a variable input for varying levels of the fixed input. B) will become flatter as output increases if there are diminishing returns to the variable input. C) will be downward-sloping if there are diminishing returns to the variable input. D) will become horizontal when the marginal product of the variable input is constant. Use the following to answer question 2: 2. (Table: Labor and Output) Referring to the table, the marginal product of the fifth worker is: A) 8. B) 4. C) 3. D) 40. Page 1
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Chapter 12 Use the following to answer question 3: Figure: Marginal Product of Labor 3. (Figure: Marginal Product of Labor) The total product of labor for three workers is: A) 51 bushels. B) 45 bushels. C) 39 bushels. D) 15 bushels. Page 2
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Use the following to answer question 4: Figure: Total Product 4. (Figure: Total Product) Between points A and B the marginal product of labor is: A) increasing. B) zero.
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This note was uploaded on 05/18/2010 for the course ECONOMIC Ec 201 taught by Professor Haider during the Spring '10 term at MSU - Iligan Inst of Tech.

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ProblemSet12 - EC201: Spring 2010 Professor Steven Haider...

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