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ECO 365 week 2 Knowledge Check

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5. Number of workers Total Output

1 4

2 10

3 18

4 28

5 35

6 41

7 45

8 48

9 50

10 49

Refer to the table shown. Diminishing marginal productivity begins when the

• thid oke is hied

• fouth oke is hied

• fifth oke is hied

• sith oke is hied

6. A production table can be used to determine

• a fi's pofits

• a fi's osts

• ho uh output is podued fo a gie uatit of iputs

• ho uh of a podut ill e deaded osues

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5. Number of workers Total Output 1 4 2 10 3 18 4 28 5 35 6 41 7 45 8 48 9 50 10 49 Refer to the table shown. Diminishing marginal productivity begins when the • thid oke is hied • fouth oke is hied • fifth oke is hied • sith oke is hied 6. A production table can be used to determine • a fi's pofits • a fi's osts • ho uh output is podued fo a gie uatit of iputs • ho uh of a podut ill e deaded osues

7. Mr. Woodard's cabinet shop is experiencing rapid growth in sales. As sales have increased, Mr. Woodard has found it necessary to hire more workers. However, he has observed that doubling the number of workers has less than doubled his output. What is the likely explanation? • The la of diiishig agial utilit • The la of diiishig agial podutiit • The la of suppl • The la of dead 8 .Number of workers Marginal Product of workers 1 5 2 7 3 8 4 10 5 11 6 7 7 5 8 3 9 0 10 -1 Refer to the table shown. A firm would be most likely to hire between • ad okes • ad okes • ad 8 okes • 8 ad okes

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ECO 365 week 2 Knowledge Check

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