AP Microeconomics Prd 1 A a Define Using Graphs Where Appropriate Key Terms and Concepts Relating to Production and Cost B Explain Using Graphs Where Questions

Practise reading production functions, calculating marginal and average product, and locating diminishing marginal returns from input-output data and graphs.

Exam points

calculate marginal or average product from total output and units of a variable input
identify where diminishing marginal returns begin by comparing successive marginal products
use production tables or curves to link marginal product, average product and total product
explain how a fixed input causes diminishing marginal product and rising marginal cost

[Maximum number: 1]

The table provided shows the short-run production function for Lowen Feline, a profit-maximizing firm that produces cat food.

Table for Question AP Microeconomics Prd 1 A a Define Using Graphs Where Appropriate Key Terms and Concepts Relating to Production and Cost B Explain Using Graphs Where Questions question 1 — AP Microeconomics

Lowen Feline sells as many bags of cat food as it wants at a market price of $ 10 per bag and hires as many workers as it wants at a market wage of $ 18.

With the hiring of which worker do diminishing marginal returns begin? Explain using numbers.

State that diminishing marginal returns to labor begin with the hiring of the $3^{\text {rd }}$ worker
and explain that the marginal product of the $1^{\text {st }}$ worker is 5 bags, the marginal product of
the $2^{\text {nd }}$ worker increases to 7 bags, and the marginal product of the $3^{\text {rd }}$ worker decreases
to 6 bags.

1 point

All question bank results loaded

AP Microeconomics Prd 1 A a Define Using Graphs Where Appropriate Key Terms and Concepts Relating to Production and Cost B Explain Using Graphs Where Questions question 1