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Question 201 pts You have a factory that is producing maximum production (maximum total product). A...

Question 201 pts

You have a factory that is producing maximum production (maximum total product). A friend of yours asked you to work for free to get some experience

It is difficult to take a decision because we do not have enough information

ou hire him because he is working for free

You hire him because his marginal product is positive

You will not hire him because his marginal product will be negative

Question 211 pts

If the extra worker you higher adds less output (production) than the worker before him, we refer to this as

Increasing marginal product

Diminishing (decreasing) marginal product

Constant marginal product

We cannot tell

Question 221 pts

As more workers are employed, average product will be

Increasing, reaching maximum and deceasing until it reaches zero

Decreasing, reaching minimum and then increasing

Increasing, reaching maximum and then decreasing, but never becomes zero

Average product does not related to production

Question 231 pts

When there is at least one factor of production constant, this statement refers to

Both short run and long run

Short run

Long Run

We cannot tell

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Answer #1

Question 20

you hire him because he is working for free. This is because your total product is maximum which happens when the marginal product is zero. Now optimal hiring rule indicates that hiring should be continued till marginal product is equal to the wage rate. In this case the person is willing to work for free which means the wage rate is $0 and the marginal product is also zero so you can hire this worker.

Question 21

Diminishing (decreasing) marginal product

Question 22

Increasing, reaching maximum and then decreasing, but never becomes zero

Question 23

When there is at least one factor of production constant, this statement refers to

Short run

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