Asked by Louis Padilla on Jun 20, 2024
Verified
The maximum number of machines you would use is
A) 4.
B) 5.
C) 6.
D) 7.
E) 8.
Marginal Physical Product
The additional output produced by employing one more unit of a specific factor of production, keeping other factors constant.
Machines
Devices or systems that use mechanical power to perform specific tasks, often reducing human effort.
- Determine the association between marginal revenue product and the demand for labor and inputs by firms.
- Comprehend the application of the margin concept in economic analysis and decision-making processes within organizations.
Verified Answer
OH
Olivia HouseyJun 21, 2024
Final Answer :
C
Explanation :
The maximum number of machines you would use is 6, as it is the last machine that adds a positive marginal physical product before the marginal physical product becomes zero or negative, indicating that adding more machines beyond this point would not increase or would decrease output.
Learning Objectives
- Determine the association between marginal revenue product and the demand for labor and inputs by firms.
- Comprehend the application of the margin concept in economic analysis and decision-making processes within organizations.