The charge in total output attributable to the last unit of an input is the: Tot

Question

The charge in total output attributable to the last unit of an input is the: Total product. Average product. Marginal product. Marginal return. Which of the following conditions is true when a producer minimizes the cost of producing a given level of output? The marginal product per dollar spent on all inputs is equal. The MRTS is equal to the ratio of the quantity of inputs. The marginal products of all inputs are equal. The marginal product per dollar spent on all inputs is equal and the MRTS is equal to the ratio of the quantity of inputs. If output is produced according to Q = K^1/2 + 3L^1/2, then this production process exhibits: a. first decreasing and then increasing returns to scale b. decreasing returns to scale c. increasing returns to scale d. constant returns to scale e. first increasing and then decreasing returns to scale The production function is Q = K^middot^6 L^middot^4. The marginal rate of technical substitution is: 2/3 K^-1 L. K^-1 L^-1. 2/3 K L^-1. K^middot^4 L^-middot6.

Explanation / Answer

7)

marginal product

as Marginal product= Increase in total production/ change in input by one unit

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