[See] (a) Explain how the production function of the firm is analogous to the utility function of the consumer. (b) Are the following statements true or
Question: (a) Explain how the production function of the firm is analogous to the utility function of the consumer.
(b) Are the following statements true or false? Briefly justify your answers.
- If the marginal product of labor is decreasing as more labor is used, the average product of labor must also be decreasing.
- A firm may sometimes find it optimal to produce where the marginal product of labour is negative.
Deliverable: Word Document 
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