Question

Reason

Total output with one worker= 0+30= 30

Total output with two worker= 30+45=75

Answer 7. A. Diminishing marginal product of labor

Reason

Marginal product is the slope of production function. When number of workers increases by 1 unit, the marginal product rises by a small amount.

Answer 8. All of the above.

Reason

Wages paid, paper cups, sugar lemonade are all the factors that vary with the amount of lemonade produced. So they are variable costs.

Reason

Total cost when 3 workers are hired= ATC*3 = \$50*3= \$150

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