Principles of Economics les of Economics Micro 2 Costs of production (Ch 7) Ouiz

Question

Principles of Economics les of Economics Micro 2 Costs of production (Ch 7) Ouiz 3 Marginal product is extra output produced by employing an extra unit of resource, such as labor. Too many cooks spoil the broth" implies that the marginal product of the last cook is: aved ut of 1.00 question Select one: O a. Negative O b. Very low O c. Can only tell that the average product is negative, can't tell about the marginal product il d' Zero Next page y Resources Jump to... Perfect Competition (Ch 8) Quiz 4 D You are logged in as Marcus Shepherd (Log out) 1031 AM

Explanation / Answer

1A) a. Negative

2A) b. $100/X + $4

3A) a. Putting idle machines to work.

4A) a. Revenue – Cost of purchased inputs – Opportunity cost of other inputs > 0.

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