3. Consumer and Producer Theory

Production Functions — Quiz

Test your understanding of production functions with 5 practice questions.

Practice Questions

Question 1

Which of the following equations correctly represents a production function, where $Q$ is total output, $L$ is labor, and $K$ is capital?

Question 2

If the total product of labor is 200 units with 5 workers and 240 units with 6 workers, what is the marginal product of the 6th worker?

Question 3

Which of the following is considered a variable input in the short run?

Question 4

According to the law of diminishing returns, what happens to the marginal product of a variable input as more units of it are added to a fixed input?

Question 5

A firm's total output increases from 500 units to 580 units when the number of workers increases from 10 to 11. What is the marginal product of the 11th worker?