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(Figure: The Total Product) Use Figure: The Total Product.For hiring labor between zero and L1,the:
A) marginal product of labor is increasing.
B) marginal product of labor is decreasing.
C) total product is increasing at a diminishing rate.
D) total product is decreasing.
Marginal Product
The growth in production resulting from one more unit of input, while keeping all other inputs the same.
Total Product
The aggregate amount of goods or services generated by a business given a specific amount of resources.
Diminishing Rate
A principle stating that if one factor of production is increased while others are held constant, the incremental gains in output will eventually decrease.
- Master the basic principles of marginal and total product in production operations.
- Gain insight into the notion of diminishing returns and how it impacts productivity.
- Examine graph-based presentations of production functions, specifically total product and marginal product curves.
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Learning Objectives
- Master the basic principles of marginal and total product in production operations.
- Gain insight into the notion of diminishing returns and how it impacts productivity.
- Examine graph-based presentations of production functions, specifically total product and marginal product curves.
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