Refer to Variable Cost of Production. For what levels of output does the firm experience diminishing marginal returns?
The following questions refer to the following table which shows a firm's variable costs of production.
a. For all levels of output.
b. For the first, second, and third units of output.
c. Beyond the third unit of output.
d. For the fifth and all subsequent units of output.
c. Beyond the third unit of output.
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The above table has the private demand for loanable funds and the private supply of loanable funds schedules
If the government budget surplus is $200 billion, and there is no Ricardo-Barro effect, the equilibrium real interest rate is ________ and the equilibrium quantity of loanable funds is ________. A) 8 percent; $700 billion B) 4 percent; $700 billion C) 4 percent; $500 billion D) 8 percent, $500 billion E) 6 percent; $600 billion
A marginal revenue product curve shows the change in
a. total revenue caused by a one-unit change in output, other things constant b. total revenue caused by a one-unit change in an input, other things constant c. total product caused by a one-unit change in output, other things constant d. total product caused by a one-unit change in an input, other things constant e. total revenue product caused by a one-unit change in the price of the output, other things constant