QUESTION 2 1 points Save Answer Figure 13-2 Refer to Figure 13-2. If the figure

Question

QUESTION 2 1 points Save Answer Figure 13-2 Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing Oa decreasing output of cookies. diminishing mar inal product of workers. Oa diminishing marginal cost of cookie prodaction. Od decreasing cost of cookie QUESTION 3 1 points Save Answer Table 134 Charles's Math Tutoring utput (number fstudents of orkers week) Refer to Table 13-4. Charles's math tutoring company productivity with the addition of the Oa first worker fourth worker. OG second worker Od third worker

Explanation / Answer

(Question 2) Option (b)

Slope of production function keeps falling with increase in number of workers, which reflects diminishing marginal product of workers.

(Question 3) Option (d)

Marginal product (MP) = Change in output / Change in workers

When workers = 2, MP = (45 - 20) / (2 - 1) = 25

When workers = 3, MP = (60 - 45) / (3 - 2) = 15 < 25

So, diminishing MP starts with 3rd worker.

(Question 4) Option (c)

(Question 5) Option (a)

Opportunity cost of capital = Savings amount withdrawn x Interest rate on savings = $100,000 x 2% = $2,000

(Question 7) Option (a)

Fixed costs remain constant (within a certain range of output).

(Question 8) Option (a)

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