If We Have Information About Workers' Marginal Products, Then Total

question 193

Multiple Choice

If we have information about workers' marginal products, then total and average product can be found by

• A)dividing marginal costs by the number of workers.
• B)multiplying the average marginal product times the number of workers.
• C)summing the marginal values to find the total and multiplying it times the number of workers to get the average.
• D)summing the marginal values to find the total and dividing it by the number of workers to get the average.

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Definitions:

Production Function

A quantitative model that demonstrates how the inputs in the production process impact the goods or services output.

Supply Function

A mathematical expression that shows the relationship between the quantity of a good or service that producers are willing to sell and the price of the good or service.

Factor Price

The price of inputs used in the production of goods and services, such as labor wages or the cost of raw materials.

Production Function

An equation outlining how inputs translate into the output for an organization, a specific industry, or the economy at large for all potential input pairings.