# The marginal product of labor can be illustrated geometrically as the

Question 1

The marginal product of labor can be illustrated geometrically as the:

Select one:

A. slope of the total product curve with respect to labor

B. slope of the total product curve with respect to capital

C. slope of a chord from the origin out to the total product curve at the specified level of labor

D. inverse of the slope of a chord from the origin out to the total product curve at the specified level of labor

E. slope of the total product curve with respect to labor divided by the slope of the total product curve with respect to capital

Question 2

In the table below, the marginal product of labor at L = 6 is:

Select one:

A. 3

B. 2

C. 5 = Q for 6th L –Q for 5th L = 18-13 = 5

D. 4

E. 1

Question 3

Output is produced according to Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is \$10 and the price of L is \$5, then the cost minimizing combination of K and L capable of producing 32 units of output is:

Select one:

A. L = 8 and K = 1

B. L = 4 and K = 2

C. L = 2 and K = 2

D. L = 2 and K = 4

E. L = 1 and K = 8

Q should be 32 so,

LK = 32/4 = 8.

So, there are 4 choices as given in options.

Option 1: Total cost = 8*5+1*10 = \$50

Option 2: Total cost = 4*5+2*10 = \$40

Option 3: Total cost = 2*5+4*10 = \$50

Option 4: Total cost = 1*5+8*10 = \$85

Question 4

If output is produced according to Q = 3K + 4L, then this production process exhibits:

Select one:

A. increasing returns to scale

B. decreasing returns to scale

C. first increasing and then decreasing returns to scale

D. constant returns to scale

E. first decreasing and then increasing returns to scale

Q(M) = 3(K+M)+4(L+M) = 3K+4L+7M > 3K+4L+M

Question 5

Hedge Fun is a landscaping firm that specializes in topiary. Last year, the firm had 30 employees and served 120 customers. This year, it had 35 employees and served 135 customers. What is the marginal product of labor?

Select one:

A. 2

B. 3

C. 4

D. 5

E. none of the above

Marginal Product of labor =

Question 6

Whenever average product is declining with increases in input usage:

Select one:

A. marginal product is less than average product

B. total product is declining with increases in input

C. total product is increasing with increases in input

D. marginal product is greater than average product

E. total product is at a maximum

Question 7

The law of diminishing marginal returns states that:

Select one:

A. the marginal product of labor declines as all inputs are increased

B. production functions exhibit decreasing returns to scale

C. the marginal product of labor returns as more capital is used

D. the marginal product of a factor eventually diminishes as more of the input is used, holding other inputs fixed

E. the marginal product of a factor always diminishes as more of the input is used, holding other inputs fixed

Question 8

The optimal combination of two inputs, K and L, can be characterized by:

Select one:

A. PKMPK= PLMPL

B. MPK= MPL

C. PLMPK= PKMPL

D. MPK/MPL = PL/PK

E. none of the above

Question 9

The marginal rate of technical substitution between two inputs:

Select one:

A. shows the rate at which one input can be traded for another, holding output constant

B. shows the efficient combination of inputs

C. increases as we move down an isoquant

D. shows the rate at which output can be increased by using more of both inputs

E. shows the rate at which output decreases when using less of one of the inputs

Question 10

If output is produced according to Q = (KL)3/4, then this production process exhibits:

Select one:

A. increasing returns to scale

B. decreasing returns to scale

C. first increasing and then decreasing returns to scale

D. constant returns to scale

E. first decreasing and then increasing returns to scale

Q(M) =

Question 11

Output elasticity can be defined as the:

Select one:

A. percentage change in output divided by the (equal) percentage change in all inputs

B. change in output divided by the change in all inputs

C. change in inputs divided by the change in output

D. change in output divided by the change in one input

E. percentage change in output divided by the (average) percentage change in all inputs

Question 12

If output is produced according to Q = 30L + 12K, then the output elasticity is:

Select one:

A. 2

B. 0

C. 1

D. 0.5

E. 21

As the production function is linear so elasticity is 1.

Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

## Calculate the price of your order

Total price:
\$0.00

How it works?

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

## Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.