Use the Table Below to Answer the Following Questions

question 85

Multiple Choice

Use the table below to answer the following questions.
Table 11.2.2

-Refer to Table 11.2.2 which gives Tania's total product schedule. The marginal product when the number of workers increases from 2 to 3 is

• A)1 teapot.
• B)2 teapots.
• C)3 teapots.
• D)4 teapots.
• E)3.75 teapots.

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Definitions:

Average Variable Cost

The total variable costs (costs that change with production volume) divided by the quantity of output produced.

Average Total Cost

The total cost of production divided by the quantity produced, representing the cost per unit of output.

Short Run

In economics, a period where at least one input, such as plant size or capital, is fixed and cannot be changed, contrasting with the long run where all inputs can vary.

Short Run

A period of time in economics during which at least one input is fixed, limiting the immediate capacity of businesses to adjust to market changes.