As the Usage of an Input Increases,marginal Product

question 42

Multiple Choice

As the usage of an input increases,marginal product:

• A) initially increases then begins to decline.
• B) initially decreases then begins to increase.
• C) consistently decreases.
• D) consistently increases.

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Definitions:

Optimization Models

Mathematical models that are designed to find the best possible solution or outcome from a set of parameters or constraints.

Prescriptive Analytics

The set of analytical techniques that yield a best course of action.

Maximize

To increase or make as large or great as possible, often used in the context of mathematical optimization.

Minimize

To reduce to the smallest possible amount or degree.