assignment-4

assignment-4 - Econ110 L2 Spring 2011 Homework#4 Due April...

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Econ110 L2 Spring 2011 Homework #4 Due April 11 th , 2011 Monday before lecture in LTC 1. Multiple choice (5 points each, 25 points total) 1) The steeper the slope of the total product curve, the A) larger is the marginal product of labor. B) smaller is the marginal product of labor. C) higher is the level of the total cost curve. D) more efficient is the technology employed. 2) In general, increasing marginal returns occur A) as output expands at low levels of production. B) through the entire range of production. C) as output expands at high levels of production. D) whenever the slope of the total product curve is positive. 3) The average product of labor exceeds the marginal product of labor A) when the average product of labor is falling. B) when the average product of labor is rising. C) when the marginal product of labor is at its maximum. D) when the average product of labor is at its maximum. 4) In perfect competition, the firm's marginal revenue curve
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assignment-4 - Econ110 L2 Spring 2011 Homework#4 Due April...

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