Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
At what point does the law of variable proportion begin to operate?
At what point does the law of variable proportion begin to operate?
- When the average product curve is at its peak
- When the marginal product curve reaches its minimum point
- When the marginal cost curve reaches its maximum point (correct)
- When the total cost function intersects the average variable cost function
According to the provided information, what is the total loss incurred by the hypothetical firm?
According to the provided information, what is the total loss incurred by the hypothetical firm?
- Birr 1000
- Birr 1500
- Birr 500
- Birr 2000 (correct)
What is the total product achieved by employing one unit of labor for the hypothetical firm?
What is the total product achieved by employing one unit of labor for the hypothetical firm?
- 0 units
- -1 units
- -15 units (correct)
- 16 units
What is the average product obtained by employing 2 units of labor?
What is the average product obtained by employing 2 units of labor?
Signup and view all the answers
What is the marginal product obtained from the third unit of labor for the hypothetical firm?
What is the marginal product obtained from the third unit of labor for the hypothetical firm?
Signup and view all the answers
In the short run, what happens to total product, average product, and marginal product at the first unit of a variable input?
In the short run, what happens to total product, average product, and marginal product at the first unit of a variable input?
Signup and view all the answers
