Which of the Following Quotes Best Illustrates the Idea of Marginal
Which of the following quotes best illustrates the idea of marginal product?
A)"If I have 10 workers on my assembly line, I can produce 13 tables a day."
B)"If I add an 11th worker, I can produce 1 extra table a day."
C)"Each worker produces 2 tables a day."
D)"I find if I add an extra shift at night, table production only rises by 80 percent because I need more maintenance time on the assembly line."
E)"If I double workers and double the assembly line, I can make 120 percent more tables."
If the marginal product of the fifth worker is 34, then the total product of five workers
E)cannot be calculated with the information given.
If capital is a variable input in a production process, the law of diminishing marginal returns implies that
A)total product is minimized.
B)capital's marginal product is positive and less than one.
C)total product is maximized.
D)marginal product of capital eventually decreases.
E)marginal product of capital is constant.
If energy (E)is the only input used to produce output (Q), what is the formula for average product of energy?
E)Q ∗ E