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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.
Where is profit maximized on a graph?
Profit is maximized on a graph where the marginal cost curve intersects the marginal revenue curve.
Relationship between total and marginal product?
Total product is the sum of all marginal products.
What happens when marginal revenue equals marginal cost?
profit is maximized
A producers profits are maximized when marginal costs are?
equal to marginal revenue
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
What happens to the marginal product when the total product is increasing but at a decreasing rate?
When the total product is increasing but at a decreasing rate, the marginal product will also decrease.
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
