If the units of variable input in a production process are 1, 2, 3, 4, and 5, and the corresponding total outputs are 30, 34, 37, 39, and 40, respectively. The marginal product of the fourth unit is:
a. 1.
b. 37.
c. 2.
d. 39.
c
You might also like to view...
The economic problem refers to
A. not having enough money. B. the attempt "to secure the greatest amount of pleasure with the least possible outlay". C. the notion that the wealth of nations depends on that country's ability to produce goods and services. D. None of the choices are true.
The table above shows three production methods to produce 100 automobiles per day. Which of the three methods is technologically efficient?
A) Method A only B) Method B only C) Method C only D) Method A, B and C are all technologically efficient.
What is the determining factor of the market mechanism?
A.) The price of the good. B.) The government. C.) The presence of foreigners. D.) None of the above is true.
With a recession under way, consumers have less money, causing a demand shift to the right.
Answer the following statement true (T) or false (F)