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Earn +20 ptsQ: When total product is maximized marginal product is?
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When total output is maximized marginal output is?
Negative
Total utility is maximized when?
You maximize utility when marginal utility divided by the price of product A is equal to the marginal utility divided by the price of product B. MUa/Pa=MUb/Pb or MUa/MUb= Pa/Pb
Profits will be maximized when marginal revenue?
Profits will be maximized when marginal revenue is equal to marginal costs. This will only happen in cases where there are fixed costs.
Relationship between total and marginal product?
Total product is the sum of all marginal products.
A producers profits are maximized when marginal costs are?
equal to marginal revenue
What happens when marginal revenue equals marginal cost?
profit is maximized
A producers profits are maximized when marginal costs are .?
equal to marginal revenue
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
When average product is highest Options Total product is maximum Marginal product is maximum Marginal product is zero Marginal product is negative?
Negative
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
How can a product of a reaction be maximized?
How can the product of a reaction be maximized?
When the total product remains constant the marginal product will be?
Zero
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