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Question
If average product is decreasing, then marginal product
Options
must be greater than average product
must be less than average product
must be increasing
both a and c
Solution
Must be less than average product.
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RELATED QUESTIONS
Define production function.
Distinguish between short run and long run production functions
Explain the concept of a production function.
Let the production function of a firm be `Q=5L^(1/2)K^(1/2)`.
Find out the maximum possible output that the firm can produce with 100 units of L and 100 units of K.
Let the production function of a firm be Q = 2L2 K2.
Find out the maximum possible output that the firm can produce with 5 units of L and 2 units of K. What is the maximum possible output that the firm can produce with zero unit of L and 10 units of K?
Find out the maximum possible output for a firm with zero unit of L and 10 units of K when its production function is Q = 5L = 2K.
Answer the following question.
What is meant by production function?
The functional relationship between “inputs” and “outputs” is called as
The long-run production function is explained by
A production function measures the relation between
State the production function.
