In the case of a short-run total product curve with a standard shape, the derivative of Q with respect to L is positive until total product reaches a maximum. From the origin until the total product curve reaches a maximum, what is true of the second derivative?

The second derivative is negative

Explanation:

The second derivative in a case of a short-run total product curve with a standard shape will be negative since the initial curve/function is maximized.

A short-run total product curve which is also known as the total product curve represents the total amount of products a firm can produce at a given time using a given amount of labor i.e labor is held constant while other inputs like technology and methodology are considered inputs.

False

Explanation:

The amount of the allocation base is determined first and then based on this, the total manufacturing overhead is determined.

The allocation base includes those things that are used to support the production activities of the company during a period such as labor or machine hours and square foot occupied. When these are determined, the overhead costs needed to use these will then be determined.