Question Question 1 The marginal product of labor can be illustrated geometrically as the:

Question 1

The marginal product of labor can be illustrated geometrically as the:
Select one:
A. slope of the total product curve with respect to labor
B. slope of the total product curve with respect to capital
C. slope of a chord from the origin out to the total product curve at the specified level of labor
D. inverse of the slope of a chord from the origin out to the total product curve at the specified level of labor
E. slope of the total product curve with respect to labor divided by the slope of the total product curve with respect to capital

Question 2
In the table below, the marginal product of labor at L = 6 is:

Select one:
A. 3
B. 2
C. 5
D. 4
E. 1

Question 3
Output is produced according to Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then the cost minimizing combination of K and L capable of producing 32 units of output is:
Select one:
A. L = 8 and K = 1
B. L = 4 and K = 2
C. L = 2 and K = 2
D. L = 2 and K = 4
E. L = 1 and K = 8

Question 4
If output is produced according to Q = 3K + 4L, then this production process exhibits:
Select one:
A. increasing returns to scale
B. decreasing returns to scale
C. first increasing and then decreasing returns to scale
D. constant returns to scale
E. first decreasing and then increasing returns to scale

Question 5
Hedge Fun is a landscaping firm that specializes in topiary. Last year, the firm had 30 employees and served 120 customers. This year, it had 35 employees and served 135 customers. What is the marginal product of labor?
Select one:
A. 2
B. 3
C. 4
D. 5
E. none of the above

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