19 Suppose a firm currenty produces 325 umits of output per day with IS workers.

Question

19 Suppose a firm currenty produces 325 umits of output per day with IS workers. The firm is able to produce 340 ni of output with a 16th worker. What is the marginal product of the l6th worker? a 10 units of output b. 15 units of output e. 16 units of ouput d. 25 units of output Fiewre 13-2 20. Refer to Figure 13-2. The graph illustrates a typical a. total-cost curve. b. production function e. production possibilities frontier. d. marginal product of labor curve. 21. Refer to Figure 13-2. As the number of workers increases, a. marginal product decreases b. total output decreases. c. marginal product increases but at a decreasing rate. d. Both a and b are correct. Table 13-7 The Flying Elvis Copter Rides Total ost ariable 1arginal Fised ost verage Average Average ixed ost Variable Total ost ost 50 150 120 22. Refer to Table 13-7. What is the value of A? a. $25 b. $50 c. $100 d. $200

Explanation / Answer

19. b

Reason

The difference of the output level is 340-325=15

20> b

That graph is a representation of the production function where output vs workers are graphed.

21> c

Generally, the marginal product decreases over the amount of labor.

22> b

Fixed cost does not change, it remains at $50

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