Refer to Table 10, above. At what number of units of variable input do diminishing marginal returns begin to set in?: 6 7 8 9 the production function does not exhibit diminishing marginal returns. A line joining the origin and a point on the total product curve is bound to be steepest when: the line is tangent to the total product curve. the average product is a maximum. he average product is equal to the marginal product. only b) and c) all of the above are true. Refer to Figure 11. At what level of the variable input do diminishing marginal returns begin to set in?: K. L. M. N. the production function does not exhibit diminishing marginal returns Refer to Figure 11. At what level o f the variable input does the average product equal the marginal product?: K. L. M. N. either K or M. Refer to Figure 11. For what range of values of the variable input does the average product exceed the marginal product?: below K. below M. above L above M. either below L or above M. Refer to Figure 11. For what range of values of the variable input is the marginal product greater than b and falling?: between K and M. between L and M. above I. above M. either below K or above M. Figure11 Assume that the defined lines are parallel and their common slope is equal to b. Moreover, assume that I is an inflection point on the total product curve.
Explanation / Answer
Note: The graph is unclear for some of the pertaining questions 21. (b) 7. The increase in average product dimensions with each step after the first one. (ie. @6: (34-31)--> 3, @7: (36-34)-->2,... so 2