The marginal product of a variable input is defined as
the ratio of total output to the amount of the variable input used in producing the output.
the incremental change in total output that can be produced by the use of one more unit of the variable input in the production process.
the percentage change in output resulting from a given percentage change in the amount of the variable input X employed in the production process with Y.
a and b.
Marginal revenue product is defined as the amount that an additional unit of the variable input adds to
If a firm is producing a given level of output in a technically efficient manner, it must be the case that
The firm is using the cost minimizing combination of inputs to produce the level of output.
Each input is producing its maximum marginal product.
The level of output is the most that can be produced with the given combination of inputs.
All of the above
The rate at which one input X can be substituted for another input Y in a production process while keeping total output constant is
the slope of the isoquant curve.
the marginal rate of technical substitution (MRTS).
equal to MPx/MPy.
all of the above.
Which of the following statements about isoquants cannot be true?
They are generally downward sloping.
They represent all combinations of inputs that can be used to produce a given rate of output.
All points along an isoquant are technically efficient.