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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define marginal product.
💡 Hint: Think about the relationship between input and output.
Question 2
Easy
What does the law of diminishing returns state?
💡 Hint: Consider how resource limitations might affect productivity.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does marginal product represent?
- Total output
- Additional output from one more input
- Cost of production
💡 Hint: Focus on what happens when more input is added.
Question 2
The law of diminishing returns suggests what eventual outcome?
- True
- False
💡 Hint: Consider the effects of resource limitations on output.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A factory produces toys with 1, 2, 3, and 4 workers resulting in outputs of 100, 210, 300, and 360 respectively. Calculate marginal product for each additional worker and analyze the diminishing returns in this scenario.
💡 Hint: Calculate the changes in total output and interpret the results.
Question 2
Construct a marginal product curve based on the following total product data: 0, 4, 10, 15, and 18 for inputs of 0, 1, 2, 3, and 4. Discuss the implications of your findings.
💡 Hint: Focus on the differences between the total product values at each input level.
Challenge and get performance evaluation