Chapter_10 - YourResultsfor:"SelfStudyQuiz" SiteTitle:

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 10 > Self-Study Quiz Date/Time  Submitted: February 7, 2012 at 10:58 AM  (UTC/GMT) Summary of Results 37% Correct  of 30 Scored items: 11 Correct:  37% 19 Incorrect:  63% 3 questions not scored. 30 scored questions. More information about scoring 1. Derived demand  is a concept that  explains how: Your Answer: Demand is the first derivative of th Correct Answer: The demand for resources, or inp for the outputs those resources ca   Incorrect. Demand is associated with the revenue function, not the output function. In any  case, derived demand is not about derivatives. 2. When two inputs are used together,  we say that the inputs are: Your Answer: Substitutable. Correct Answer: Complementary.   Incorrect. Inputs are substitutable when one can replace another. For example, machines  can also be substituted for labor, or—less often perhaps—labor can be substituted for  machines.
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3. When is the marginal product of a  variable input more likely to decline? Your Answer:   Correct. The short run is the period during which some fixed factor of production limits a  firm’s capacity to expand. Under these conditions, the firm that decides to increase output  will eventually encounter diminishing returns. Stated more formally, a fixed scale of plant  means that the marginal product of variable inputs eventually declines. 4. Whenever an input is subject to  diminishing returns, adding one  more unit of that input to the  production process causes: Your Answer:   Correct. In the short run, when a firm faces a fixed scale of plant, the marginal product of  variable inputs declines. 5. Marginal product of labor  ( MP L equals: Your Answer: The change in the amount of labo demand for the firm’s output. Correct Answer: The additional output produced if  labor.   Incorrect. This concept is more closely associated with  derived demand . 6. Marginal revenue product of  labor  ( MRP L
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Your Answer: The change in total product, given used. Correct Answer: The change in the amount of reve of labor used.   Incorrect. This is the definition of  Marginal product of labor  ( MP L 7. Refer to the figure below. Which of  the following resembles the shape of  this curve? Your Answer:
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This note was uploaded on 02/09/2012 for the course ECONOMY 101 taught by Professor Zaier during the Spring '11 term at Qatar University.

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Chapter_10 - YourResultsfor:"SelfStudyQuiz" SiteTitle:

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