If the total product of two workers is 80 and the total product of 3 workers is 90 then the average product of the third worker is ________ and the marginal product of the third worker is _________?

Related Mcqs:

1. If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?

   A. be flat (horizontal)
   B. slope upward
   C. slope downward
   D. be U-shaped.

2. When average cost is falling marginal cost is ________ and when average cost is rising marginal cost is?

   A. greater than average cost, greater than average cost
   B. less than average cost, greater than average cost
   C. less than average cost, less than average cost
   D. greater than average cost, less than average cost

3. Which of the following is not true with regard to workers who have a high value of marginal product? These workers ?

   A. have skills that are in relatively scarce supply
   B. produce output for which there is great demand
   C. usually have little capital with which to work
   D. are usually highly paid

4. Which of the following is a correct statement about the relationship between average product (AP) and marginal product (MP) ?

   A. If TP is declining, then AP is negative
   B. If AP = MP, then total product is at a maximum.
   C. If AP exceeds MP then AP is falling
   D. If AP is at a maximum, then MP is also,

5. If marginal product is below average product ?

   A. The total product will fall
   B. The average product will fall
   C. Average variable cost will fall
   D. Total revenue will fall

6. A company is in the ________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product ?

   A. product development
   B. commercialization
   C. marketing strategy
   D. business analysis

7. Guest worker programs usually result in temporary migration of workers from ?

   A. impoverished countries to impoverished countries
   B. impoverished countries to wealthy countries
   C. wealthy countries to wealthy countries
   D. wealthy countries to impoverished countries

8. The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve ?

   A. At their lowest points
   B. When they are declining
   C. When they are increasing
   D. When marginal revenue is zero

9. If marginal costs equal average total costs ?

   A. average total cost is falling
   B. average total cost is raising
   C. average total cost is maximized
   D. average total cost is minimized

10. When marginal costs are below average total costs ?

    A. average fixed cost is rising
    B. average total cost is falling
    C. average total cost is raising
    D. average total cost is minimized