Chapter 9 - Answers to Questions for Review 1. a) an opera...

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Answers to Questions for Review 1. a) an opera singer performing an aria; 1. b) Carl Lewis running the 100 meters; 1. c) an economics professor teaching intermediate micro 2. McDonald's hamburgers 3. The person hiring wants to know how much an additional worker will add to total production. 4. His IQ was below average for New York, but above average for California. 5. They are equivalent mathematically except for the fact that one can measure production but not utility. 6. Decreasing returns is a long-run phenomenon; diminishing returns is a short-run phenomenon. 7. As shown in the diagram, MP is decreasing from L 1 onward, whereas AP does not begin to decline until L 2 . So false. MP, AP L AP(L) MP(L) L L 1 2 8. False. For the average product to increase, the new worker should contribute more than the existing average. Thus his marginal product should be more than the average product before his arrival. 9.
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Chapter 9 - Answers to Questions for Review 1. a) an opera...

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