Because the Marginal Product of a Variable Resource at First

question 377

Multiple Choice

Because the marginal product of a variable resource at first increases and then decreases as the output of the firm is increased,

• A)total cost at first increases at a decreasing rate and then increases at an increasing rate.
• B)total variable cost at first increases at an increasing rate and then increases at a decreasing rate.
• C)average total cost at first increases and then diminishes.
• D)average fixed cost will rise beyond the point of diminishing returns.

Define and understand the concept of the production set.

Interpret technical rates of substitution and their relevance to input-output relationships.

Analyze the effects of input scaling on output levels in different types of production functions.

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