1. EQ #6 – AGEC 105 – October 8, 2012 This EQ is worth 3 points.
1. (a) Labor (hours) Corn Production (bushels)
The relationship between labor and corn production is technically referred to as the _________________.
(b) What is the MPP of labor?
(c) What is the APP of labor when labor is 30 hours?
(d) To what stage of production does this situation correspond?
2. Which of the following is NOT a condition for perfect competition?
(a) a large number of buyers and sellers (b) no barriers to entry and exit (c) differentiated products (d) none of the above