CHapter 7- mc.docx - Chapter 7 The production function Q...

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Chapter 7The production function Q = -64X0.5Y0.4 exhibits: a. constant returns to scale. b. increasing returns to scale. c. diminishing returns to scale. d. increasing and then diminishing returns to scale.
status: not answered () correct: c your answer: --------------------------------------------------------------------------------2 For a continuous total product function, average product equals the:a. inflection point of the total product curve. b. inflection point of the average product curve. c. slope of a line drawn from the origin to a point on the total product curve. d. slope of the total product curve. status: not answered () correct: c your answer: --------------------------------------------------------------------------------3 The law of diminishing returns implies that:
status: not answered () correct: d your answer:
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