Table 5.1-Labor and output data f labornits of output Units o 0 2 4 14 30 42 51
ID: 1158952 • Letter: T
Question
Table 5.1-Labor and output data f labornits of output Units o 0 2 4 14 30 42 51 What is the marginal physical product of the first unit of labor in Table 5.1? O 30 O 14 0 1 0 QUESTION 22 According to the law of diminishing marginal utility: Marginal product of labor declines as more of a variable input is used. O Total utility from consuming a good always rises. O Marginal utility of a good declines as more of it is consumed in a given time period. Total utility from consuming one more unit of a good eventually falls.Explanation / Answer
a) The marginal physical product is equal to 14 for the first labor employed.
b) "C"
The marginal utility of a good decline as more of it is consumed in a given period of time.
c) figure not given here in question.
d) MArket failure is the situation where there is a mismatch between the supply and demand. The answer is "A" when the market doesn't always produce the right amount of output.
e) The rich fifth of household account for 51% of total income. The answer is "B".
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.