Writing total output as Q, change in output as Q, total labor employment as L, and change in labor employment as L, the marginal product of labor can be written algebraically as
A. Q ∙ L.
B. Q / L.
C. ΔL / ΔQ.
D. ΔQ / ΔL.
The slope of the total product curve is the
A. average product.
B. slope of a line from the origin to the point.
C. marginal product.
D. marginal rate of technical substitution.
The law of diminishing returns refers to diminishing
A. total returns.
B. marginal returns.
C. average returns.
D. all of these.
When labor usage is at 12 units, output is 36 units. From this we may infer that
A. the marginal product of labor is 3.
B. the total product of labor is 1/3.
C. the average product of labor is 3.
D. none of the above