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1) Which of the following statements is/are correct i. At the maximum point of the total product curve, average product is equal to zero. ii. Total product start by increasing at an increasing rate and then increase at a decreasing rate as the amount of the variable factor is changed in the short run. ii. When marginal product is at its maximum point, marginal cost is at its minimum value. a) Only ii and iii. b) Only ii. c) Only i and iii. d) Only i, ii, iii and iv

1) Which of the following statements is/are correct i. At the maximum point of the total product curve, average product is equal to zero. ii. Total product start by increasing at an increasing rate and then increase at a decreasing rate as the amount of the variable factor is changed in the short run. ii. When marginal product is at its maximum point, marginal cost is at its minimum value. a) Only ii and iii. b) Only ii. c) Only i and iii. d) Only i, ii, iii and iv

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...
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QUESTION 1 1) Which of the following statements is/ are correct i. At the maximum point of the total product curve, average product is equal to zero. ii. Total product start by increasing at an increasing rate and then increase at a decreasing rate as the amount of the variable factor is changed in the short run. iii. When marginal product is at its maximum point, marginal cost is at its minimum value. a) Only ii and iii. b) Only ii. c) Only i and iii. d) Only i, ii, iii and iv i
Transcribed Image Text:QUESTION 1 1) Which of the following statements is/ are correct i. At the maximum point of the total product curve, average product is equal to zero. ii. Total product start by increasing at an increasing rate and then increase at a decreasing rate as the amount of the variable factor is changed in the short run. iii. When marginal product is at its maximum point, marginal cost is at its minimum value. a) Only ii and iii. b) Only ii. c) Only i and iii. d) Only i, ii, iii and iv i
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