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https//howardcollege.blackboard bapps assessment take laun hjsp?course-assessment-id=-1 Remaining Time: 19 minutes, 29 seconds Question Completion Status: QUESTION 1 Exhibit 7-2 Total product Labor 20 50 75 80 75 Given the information in Exhibit 7-2, at what point do diminishing marginal returns set in? O A before the first unit of labor B.between the first and second units of labor between the second and third units of labor o D between the third and fourth units of labor E. between the fourth and fifth units of labor QUESTION 2 Fixed costs are defined as A the total costs of a firm's production B the additional cost of the last unit produced C.costs that increase proportionately as the quantity produced increases D.costs that do not vary as quantity produced increases E implicit costs only Which of tne following is true of the MC curve? nd Windows

Explanation / Answer

1. Ans: between the third and fourth units of Labor

Explanation:

Because MP decreases between the third and fourth units of Labor.

2. Ans: costs that do not vary as quantity produced increases.

Explanation:

Fixed costs are the costs which do not vary with the changes in level of output.

L TP MP 0 0 1 20 20 2 50 30 3 75 25 4 80 5 5 75 -5

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