Economics 211 - PowerPoint PPT Presentation

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Economics 211

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  1. Economics 211 Chapter 13 – Clicker Question Set #3

  2. Paul's Performance Pizza is a small restaurant that sells low-carbohydrate pizzas in a health-conscious town. Paul's very tiny kitchen barely has enough room for the two ovens in which his workers bake the pizzas. Paul's production function is presented in this table. What is the marginal product of Paul's fourth worker? • 10 • 20 • 30 • 40 23 of 23

  3. Paul's Performance Pizza is a small restaurant that sells low-carbohydrate pizzas in a health-conscious town. Paul's very tiny kitchen barely has enough room for the two ovens in which his workers bake the pizzas. Paul's production function is presented in this table. When does diminishing returns set it? • Worker 1 • Worker 2 • Worker 3 • Worker 4 • Worker 5 0 of 25

  4. Diminishing marginal product of labor is a result of which of the following statements? • As the number of workers increases, there is a fixed number of ovens with which to work.   • As the number of workers increases, some inputs (like dough) are variable.   • As the number of workers increases, they become fixed inputs.   • As the number of workers increases, variable inputs begin to depreciate. 0 of 25