ECO1050 u05q1 Question 8 (Points: 2) Which of the following is true about the ma
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ECO1050 u05q1 Question 8 (Points: 2)Which of the following is true about the marginal product of labor? (2 points).
1. It equals the change in total product divided by the increase in the quantity of labor.
2. It always decreases as more workers are hired.
3. It equals the total product divided by quantity of labor.
4. It equals the increase in cost when another worker is hired.
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9. ECO1050 u05q1 Question 9 (Points: 3)
Which of the following statements is correct? (3 points).
1. When the marginal product exceeds the average product, the slope of the average product curve must be negative.
2. When the marginal product of an additional worker is less than that of the previous worker, the firm has decreasing returns.
3. When the marginal product is decreasing, the slope of the total product curve is negative.
4. When the marginal product of an additional worker is less than that of the previous worker, the firm has increasing returns.
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10. ECO1050 u05q1 Question 10 (Points: 3)
At the Punjab Bakery, two workers can decorate 14 cakes in an hour, and three workers can decorate 18 cakes in an hour. What is the marginal product of the third worker? (3 points).
1. Nine cakes and is equal to the average product.
2. Four cakes, and the average product for three workers is 6 cakes.
3. Eighteen cakes, and the average product for three workers is 6 cakes.
4. Thirty-two cakes, and the average product for three workers is 9 cakes.
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11. ECO1050 u05q1 Question 11 (Points: 3)
Which of the following is true of the concept of decreasing marginal returns? (3 points).
1. It affects all firms at the same level of production.
2. It can be avoided if a firm watches costs.
3. It disappears when the firm produces a large enough level of output.
4. It affects all firms but at different production levels.
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12. ECO1050 u05q1 Question 12 (Points: 2)
The law of decreasing returns states the following. (2 points)
1. As a firm uses more of a variable input, total output will increase indefinitely.
2. As a firm uses more of a variable input, with a given quantity of fixed inputs, the marginal product of the variable input eventually decreases.
3. As a firm uses more of a fixed input, with a given quantity of variable inputs, the marginal product of the fixed input eventually decreases.
4. As a firm uses more of a variable input, output will begin to fall immediately.
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13. ECO1050 u05q1 Question 13 (Points: 3)
The above table shows the total product schedule for Hair Today, a hair styling salon. Which of the following is true about the marginal product for Hair Today's total product schedule? (3 points).
1. It reaches a maximum with the fourth worker.
2. It reaches a maximum with the third worker.
3. It decreases after the first worker.
4. It never reaches a maximum.
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14. ECO1050 u05q1 Question 14 (Points: 2)
The above table shows the total product schedule for Hair Today, a hair styling salon. What is the average product when four workers are hired? (2 points).
1. Twenty hair stylings.
2. the same as when five workers are hired.
3. Ten hair stylings.
4. Fifteen hair stylings.
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15. ECO1050 u05q1 Question 15 (Points: 3)
Which of the following is correct about marginal and average products? (3 points).
1. When the marginal product exceeds the average product, the average product must be increasing.
2. When the average product is increasing, the marginal product must be decreasing.
3. When the marginal product is decreasing, the average product must be decreasing.
4. When the marginal product is increasing, the average product must be increasing.
Explanation / Answer
Which of the following is true about the marginal product of labor? (2 points).
1. It equals the change in total product divided by the increase in the quantity of labor.
9. ECO1050 u05q1 Question 9 (Points: 3)
Which of the following statements is correct? (3 points).
2. When the marginal product of an additional worker is less than that of the previous worker, the firm has decreasing returns.
10. ECO1050 u05q1 Question 10 (Points: 3)
At the Punjab Bakery, two workers can decorate 14 cakes in an hour, and three workers can decorate 18 cakes in an hour. What is the marginal product of the third worker? (3 points).
2. Four cakes, and the average product for three workers is 6 cakes.
11. ECO1050 u05q1 Question 11 (Points: 3)
Which of the following is true of the concept of decreasing marginal returns? (3 points).
4. It affects all firms but at different production levels.
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12. ECO1050 u05q1 Question 12 (Points: 2)
The law of decreasing returns states the following. (2 points)
3. As a firm uses more of a fixed input, with a given quantity of variable inputs, the marginal product of the fixed input eventually decreases.
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13. ECO1050 u05q1 Question 13 (Points: 3)
The above table shows the total product schedule for Hair Today, a hair styling salon. Which of the following is true about the marginal product for Hair Today's total product schedule? (3 points).
sorry no table
14. ECO1050 u05q1 Question 14 (Points: 2)
The above table shows the total product schedule for Hair Today, a hair styling salon. What is the average product when four workers are hired? (2 points).
sorry no table
15. ECO1050 u05q1 Question 15 (Points: 3)
Which of the following is correct about marginal and average products? (3 points).
1. When the marginal product exceeds the average product, the average product must be increasing.
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