Marginal product curve of input and production function

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1. The marginal product curve of input Y shows A. how the quantity of output produced changes for each amount of input Y, whether or not all other inputs are held constant. B. how the quantity of output produced changes for each amount of input Y, holding all other inputs constant. C. how the average quantity of output produced varies with input Y, whether or not all other inputs are held constant. D. how the average quantity of output produced varies with input Y, holding all other inputs constant.

2. Which of the following is true of a production function? A. It specifies the maximum feasible output that can be produced for given amounts of inputs. B. It specifies the maximum revenue that a firm can generate by selling its output. C. It specifies the amount of goods that can be purchased in a market at a given price. D. It specifies the expenses a firm can incur as a result of a production process.

Reference no: EM131240571

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