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b. The marginal product of fifth worker is
c. If the marginal product of the second worker is 6, then total
number of pizzas produced when 2 workers are hired is ,,, pizzas
d. Assuming the marginal product of the second worker is 6, the law
of diminishing marginal returns set in with the
16.
What are the three conditions for a market to be perfectly
competitive?
17.
What is a price taker?
18.
Consider the graph below showing the market demand and
supply for com. Use the line drawing tool to graph the demand for
com produced by one farmer, properly label this line
19. Which of the following are perfectly competitive markets?
20. Refer to the following table?
Suppose the price of what rises to $5.00 per bushel. Farmer
parker will maximize profits by producing…. Bushels of wheat.
He will make a profit of $.........
21.
The following table shows Farmer Parker’s revenue, cost,
and profit from wheat farming