Asked by mykeria adkins on Jun 13, 2024
Verified
If we assume that labor is the only variable input, the slope of the short-run ________ curve measures the marginal product of labor.
A) average product
B) marginal product
C) total product
D) total cost
Short-Run Curve
Refers to a period in economics during which at least one factor of production is fixed, affecting production and cost decisions.
Marginal Product
The change in output resulting from employing one more unit of a particular input while holding all other inputs constant.
- Work out and discuss the average output and marginal utility of labor.
- Determine the marginal product of labor by applying its specific formula.
- Apprehend the repercussions of the law of diminishing marginal returns on production efficiency.
Verified Answer
AK
Ananyaa KashyapJun 19, 2024
Final Answer :
C
Explanation :
The slope of the short-run total product curve measures the marginal product of labor, as it represents the change in total output resulting from a one-unit change in labor, holding all other inputs constant.
Learning Objectives
- Work out and discuss the average output and marginal utility of labor.
- Determine the marginal product of labor by applying its specific formula.
- Apprehend the repercussions of the law of diminishing marginal returns on production efficiency.