Refer to the above table. When the quantity of labor equals 4, what does the average product equal?
A. 72
B. 18
C. 9
D. 216
Ans: B. 18
Explanation: Average product is can be defined as per unit product, i.e., total product for a specific labor unit divided by that labor unit. If total product is 72 and firm employs 4 units of labor then the average product of 4th labor is 72/4 or 18.
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A. increasing; decreasing B. constant; increasing C. increasing; increasing D. constant; decreasing
Answer the following statement(s) true (T) or false (F)
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A) 57.1 B) 67.1 C) 77.1 D) 87.1 E) 97.1
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A. The owner of the mill is unable to pay the farmer enough to secure his permission to pollute the river. B. The farmer is unable to pay the owner of the mill enough to get him to stop polluting. C. The owner of the mill pays the farmer $110,000 for his permission to pollute the river. D. The farmer pays the owner of the mill $90,000 to stop polluting.