Advertisements
Advertisements
Question
If average product is decreasing, then marginal product
Options
must be greater than average product
must be less than average product
must be increasing
both a and c
Advertisements
Solution
Must be less than average product.
APPEARS IN
RELATED QUESTIONS
Explain the concept of a production function.
Let the production function of a firm be Q = 2L2 K2.
Find out the maximum possible output that the firm can produce with 5 units of L and 2 units of K. What is the maximum possible output that the firm can produce with zero unit of L and 10 units of K?
Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is Q = 5L = 2K.
What is meant by production function?
The functional relationship between “inputs” and “outputs” is called as
The long-run production function is explained by
A production function measures the relation between
Which statement best describes a production function?
Which of the following is a flow concept?
If only labour can be changed and capital is kept fixed, the firm uses ______.
When all inputs are changed in the same proportion in production, it is known as ______.
Which one illustrates a long‑run decision for a firm?
What is the dependent variable in the production function Qx = f(f1, f2, ..., fn)?
Returns to scale is the main law studied in which production function?
