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How a firm's marginal costs of production are at a minimum when its marginal product is at a maximum.?
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In the short run if marginal product is at its maximum what happens to average cost?
it is at its minimum
When average product is highest Options Total product is maximum Marginal product is maximum Marginal product is zero Marginal product is negative?
Negative
Why marginal product curve intersect the average product curve at the maximum?
of average product.
Draw a diagram with marginal product and average productExplain the relationship between marginal product and average product?
Marginal product is any input in the production process is the increase in the quantity of output obtained from on additional unit of the input. Average product is the output produced when one more unit of the variable factor is employed The relationship is state as: If labour's marginal product is exceed its average product that means labour's average product will be rising. Labour's average product will be falling. If labour's marginal product is less than its average product. If labour's marginal product is equal its average product and the average product will reach the minimum value at the point.
How is the production function of the diminishing marginal product and constant marginal product an investment opportunity and illustrate the set of equilibrium conditions on a graph?
feedback inhibition
When a production function gets flatter the marginal product is increasing?
True
Why does the marginal product of labor eventually diminish?
Marginal product eventually diminishes because the cost of doing business increases with production. The company would need to make a change in the organization so that they can shift their production possibilities.
When a firm produces a level of output on the production function?
Marginal physical product is zero
What is relationship between average product and marginal product?
Marginal product is equal to average product when average product is maximumMarginal product determines the behaviour of the Average product. AP rises, reaches maximum and thereafter falls.For all sections that the MP is greater than the AP, the AP rises and MP is below AP, the AP decreases.Marginal product reaches maximum at a lower level of employment than does the AP
Why does marginal cost rise as production increases?
Marginal cost is equal to the ratio of change in total cost or total variable cost to change in quantity of output. Marginal cost increases as total product increases since it reflects the law of diminishing marginal returns.
When a firm's only variable input is labor then what does the slope of the production function measures?
marginal product of labor
How do you input the marginal product equation in excel?
how do you find marginal product on excel
