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Total physical product (TPP) is maximized when the marginal product of labor (MPL) equals zero, meaning that adding more units of labor does not increase output. At this point, any additional input results in diminishing returns, and further increases in labor may even decrease total output. Therefore, maximizing TPP indicates that the optimal utilization of resources has been reached, balancing efficiency without overextending inputs.
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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
True or false Profits will be maximized when total revenue equals total cost?
yes
Where is total revenue maximized along a linear demand curve?
Unit elastic
Total output may continue to rise even though the marginal physical product is declining?
true
When total product is maximized marginal product is?
mp = 0
How can a product of a reaction be maximized?
How can the product of a reaction be maximized?
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
True or false Profits will be maximized when total revenue equals total cost?
yes
True or false Will profits be maximized when total revenue equals total cost?
yes
What is a saturated market place?
When the amount of product in a market has been maximized you have a saturated market.
Where is total revenue maximized along a linear demand curve?
Unit elastic
Total output may continue to rise even though the marginal physical product is declining?
true
In a relationship among total average and marginal products where TP is maximized?
In a relationship among total product (TP), average product (AP), and marginal product (MP), TP reaches its maximum when marginal product (MP) equals zero. At this point, any additional input does not increase total output, indicating that the production capacity has been fully utilized. Before reaching this maximum, MP is positive, contributing to increasing TP, while AP is at its highest when MP equals AP. Thus, the optimal production point occurs where MP intersects the horizontal axis.
When profit is maximized in a perfectly competitive firm?
At the output level at which the slopes of the total revenue and total cost curves are equal, provided the firm is covering its variable cost
Define total product?
It is a product that is total
