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wilslm

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tT
发表于 2013-4-28 11:27 | 只看该作者

Mock Q on Econ w/ Twisted answer

understand, question, because, product, returns
In the SR, the Average Product of labor:
a) is increasing when the total product of labor is increasin
b) is at maximum where it intersects the Marginal product of labor
c) is upward-sloping if the firm is eperiencing diminishing marginal returns to labor
So the answer is B. However, the issue i have with this question is that it could also be A, because the Average Product of labor is also 1st increasing and then decreasing as diminishing marginal returns take effect.
I dont understand why they threw 2 legit answers in there. Anyone got some clarification on this?

 

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Analyze_This

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发表于 2013-4-28 11:27 | 只看该作者

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Andreas42

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发表于 2013-4-28 11:27 | 只看该作者
So from the range of 1-3 labor units, is AP not increasing?

[/quote]

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ftwcfa

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发表于 2013-4-28 11:27 | 只看该作者
Diminishing returns to labor. AP increases for the first few laborers but decreases over time. Yes AP increases between 1 and 2 but from 2 to 10 it decreases. I see your logic but B is the best answer as it happens 100% of the time.

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bigredhockey55

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发表于 2013-4-28 11:28 | 只看该作者
Heard eco questions are ery tuff in CFA mock

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bleach

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发表于 2013-4-28 11:28 | 只看该作者
Edit: I deleted my original post because it was incorrect.

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mouse123

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7#
发表于 2013-4-28 11:28 | 只看该作者
a) is increasing when the total product of labor is increasin
Answer A is implying it ALWAYS increases when total product of labor is increasing, that is not correct.

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