11. Which of the following is not true regarding Figure 11.1? Output (units per day) 50 48 9 S 1 12 3 4 Labor Input (workers per day) Figure 11.1 Total output
11. Which of the following is not true regarding Figure 11.1? Output (units per day) 50 48 9 S 1 12 3 4 Labor Input (workers per day) Figure 11.1 Total output
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 7P
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Transcribed Image Text:11. Which of the following is not true regarding Figure 11.1?
Output
(units per day)
50
48
이이이이
5
a)
12
d)
1
1
2
1
1
I
1
3
4
Labor Input
(workers per day)
1
1
1
S
Figure 11.1
Total output
1
1
1
6
Figure 11.1 represents a production function.
Marginal product is zero with the hiring of the fifth worker.
Diminishing returns first occur when the second worker is hired.
Marginal costs are at maximum when the fifth worker is hired.
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