If 1 orchard, 7 workers, and 3 tons

    Theory of Production1. If 1 orchard, 7 workers, and 3 tons of fertilizer yield 1,000 bushels of peaches, while 1 orchard, 7 workers, and 4 tons of fertilizer yield 1,300 bushels, a. the average product of labor equals 1,150 bushels. b. the marginal product of labor cannot be calculated. c. the average product of fertilizer equals 1,150 bushels. d. the marginal product of fertilizer cannot be calculated.When answering the next five questions (2-6), refer to the following graph.2. The marginal product of labor is rising with increased use of labor until a. 10 workers are employed. b. 20 workers are employed. c. 30 workers are employed. d. 40 workers are employed.3. The average product of labor is falling with increased use of labor once a. 10 workers are employed.. b. 20 workers are employed. c. 30 workers are employed d. 40 workers are employed.4. As long as fewer than 30 workers are employed, a. the average product of labor exceeds the marginal product of labor. b. the marginal product of labor exceeds the average product of labor. c. the marginal product of labor is rising. d. both (a) and (c) are true.5. Between points d and e, increased use of labor means a. negative marginal product of labor. b. falling average product and falling marginal product of labor. c. marginal product of labor below average product of labor. d. all of the above.ECON 3070 Intermediate Microeconomic Theory: Practice Multiple-Choice Questions 196. Maximum average product of labor corresponds to a. point a. b. point b. c. point c. d. point d.7. An isoquant curve shows a. all the alternative combinations of two inputs that yield the same maximum total product. b. all the alternative combinations of two products that can be produced by using a given set of inputs fully and in the best possible way. c. all the alternative combinations of two products among which a producer is indifferent because they yield the same profit. d. both (b) and (c).8. A negatively sloped isoquant implies a. products with negative marginal utilities. b. products with positive marginal utilities. c. inputs with negative marginal products. d. inputs with positive marginal products.9. The marginal rate of technical substitution is a. the rate at which a producer is able to exchange, without affecting the quantity of output produced, a little bit of one input for a little bit of another input. b. the rate at which a producer is able to exchange, without affecting the total cost of inputs, a little bit of one input for a little bit of another input. c. the rate at which a producer is able to exchange, without affecting the total inputs used, a little bit of one output for a little bit of another output. d. a measure of the ease or difficulty with which a producer can substitute one technique of production for another.10. In the presence of a diminishing marginal rate of technical substitution between labor and capital, output can be kept unchanged only if a. equal successive sacrifices of capital go hand in hand with ever smaller increases of labor. b. equal successive sacrifices of capital go hand in hand with ever smaller sacrifices of labor. c. equal successive increases in labor go hand in hand with ever smaller increases in capital. d. qual successive increases in labor go hand in hand with ever smaller sacrifices of capital.

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