Question
We were unable to transcribe this imageQUESTION 46 If the firm produces 120 units of output...
We were unable to transcribe this image
QUESTION 46 If the firm produces 120 units of output with 12 workers, what is the average product of labor? 10 units O 12 workers 120 units O 1200 units QUESTION 47 If the firm produces 120 units of output with 12 workers and 121 units of putput with 13 workers, what is the marginal product of labor 10 units 12 1 unit 121 units QUESTION 48 Which of these assumptions is realistic for a firm in the short run? Both the size of the factory and the number of workers can be varied Only the factory size can be varied, not the number of workers Only the number of workers can be varied, not the factory sizee Both factory size and the number of workers can be varied
Answers
43) Total revenue - (implicit+explicit costs) = economic profit
option(B)
44) foregone rent on office space
option(D)
45) marginal product of labor
option(D)
46) APL=TP/L = 120/12 =10
Option(A)
47) MP =change in TP/change in L
= (121-120)/(13-12)
= 1
option(C)
48) the fixec cost cannot be changed but the variable cost can
option(C)
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