If Diminishing Marginal Returns Have Already Set in for Golden

question 74

Multiple Choice

If diminishing marginal returns have already set in for Golden Lark Woodworks, and the marginal product of the 6th carpenter is 8 chairs, then the marginal product of the 7th carpenter is

• A)negative.
• B)less than 8 chairs.
• C)more than 8 chairs.
• D)zero.

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Definitions:

Mean

The average of a set of numbers, calculated by dividing the sum of all the numbers by the count of numbers.

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly the mean; it is used to estimate the efficiency, accuracy, or precision of a sample-based estimate.

Sample Mean

The average value of a sample set of numbers, calculated by adding all the values together and dividing by the number of values.

Sampling Distribution

The probability distribution of a statistic based on a large number of samples or replicates.