Answer questions number 15 and 16 on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources are fixed. Number of Units of Workers Output 1 40 2 90 126 150 165 180 15. Refer to the above data. Average product is at a maximum when: A. five workers are hired. B. four workers are hired. C. three workers are hired. D. two workers are hired. 16. Refer to the above data. Diminishing marginal returns become evident with the addition of the: A. sixth worker. B. fourth worker. C. third worker. D. second worker.

Answer questions number 15 and 16 on the basis of the following output data for a firm. Assume that the amounts of all non-labor resources are fixed. Number of Units of Workers Output 1 40 2 90 126 150 165 180 15. Refer to the above data. Average product is at a maximum when: A. five workers are hired. B. four workers are hired. C. three workers are hired. D. two workers are hired. 16. Refer to the above data. Diminishing marginal returns become evident with the addition of the: A. sixth worker. B. fourth worker. C. third worker. D. second worker.

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 12RQ: What is a production function?

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