Review Chapter 6

Review Chapter 6 - Econ 221 Winter, 2008 Williamson Review...

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Econ 221 Winter, 2008 Williamson Review of Chapter 6 ____ 1. The marginal product of a factor of production is the a. change in the output divided by the change in the amount of the factor of production the firm uses. b. output divided by the amount of the factor of production that the firm uses. c. firm’s output divided by its total cost of production. d. amount of output attributable to that factor of production. e. change in average output divided by the change in the amount of the factor of production the firm uses. ____ 2. With 50 units of labor, a firm can produce 1,800 units of output; with 60 units of labor the firm can produce 2,100 units of output. The marginal product of an extra unit of labor is a. 3. b. 30. c. 35. d. 36. e. 300. ____ 3. The marginal product is the a. slope of the production function. b. slope of the fixed cost curve. c. slope of the average product curve. d. slope of the production possibilities curve. e. reciprocal of the slope of the production function. ____ 4. When labor is the single variable input, we often observe diminishing returns to labor in the production process, which means that, as the amount of a. output increases, the amount of labor diminishes. b.
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Review Chapter 6 - Econ 221 Winter, 2008 Williamson Review...

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