Question 9 Quantity of Labor Total Output 0 0 1 12 2 22 3 30 4 36 5 40 6 43 7 44 Referring to...
Question:
Question 9
| Quantity of Labor | Total Output |
| 0 | 0 |
| 1 | 12 |
| 2 | 22 |
| 3 | 30 |
| 4 | 36 |
| 5 | 40 |
| 6 | 43 |
| 7 | 44 |
Referring to the table, the marginal product of the 5th worker is:
a) 3
b) 4
c) 8
d) 40
| Quantity of Gadgets Produced | Total Benefit |
| 0 | $0 |
| 1 | $200 |
| 2 | $215 |
| 3 | $225 |
| 4 | $230 |
| 5 | $233 |
You own a small manufacturing company that produces gadgets The table shows the quantity of gadgets that you could produce, and your customer's willingness to pay at each level of production. According to the table, the marginal benefit of consuming gadgets is:
a) decreasing at a constant rate of $5.
b) constant and equal to $5.
c) increasing at a decreasing rate.
d) decreasing at a decreasing rate.
Question 20
If marginal cost is greater than average total cost, then:
a) average total cost is at its maximum.
b) average total cost is at its minimum.
c) average total cost is decreasing.
d) average total cost is increasing.
Marginal Value:
Marginal value shows the change in total value when one unit of the labor or good changes.
It can be represented as: Total value / number of input.
Answer and Explanation: 1
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View this answerQuestion 9.
| Quantity of Labor | Total Output | Marginal Product |
| 0 | 0 | - |
| 1 | 12 | 12 |
| 2 | 22 | 10 |
| 3 | 30 | 8 |
| 4 | 36 | 6 |
| 5 | 40 | 4 |
| 6 | 43 | 3 |
| 7 | 44 | 1 |
Referring to the table, the marginal product of...
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Marginal Benefit in Economics: Definition & Example
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Chapter 3 / Lesson 48
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In this lesson, learn what marginal benefits are in economics. Understand the principle of diminishing marginal benefits and find marginal benefit examples.
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