Using the above table, the marginal product of the 4th worker is
A. 14.
B. 12.
C. 15.
D. 13.
Answer: D
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Elasticity of demand is another way to measure slope.
Answer the following statement true (T) or false (F)
If expansion of an industry's output causes a downward shift of firms' average total cost curves,
a. each firm earns a long-run economic profit b. all of the following are correct c. there will be long-run economic profits d. it is a decreasing-cost industry e. it is an increasing-cost industry
Monetary policy primarily influences the economy through changes in:
A. spending by the Fed. B. the discount rate. C. the interest rate. D. spending by government.
A value of the absolute price elasticity of demand equal to 1.5 indicates that
A. a 1% increase in price leads to a 15% decrease in quantity demanded. B. a 2% decrease in price leads to a 25% increase in quantity demanded. C. a 10% increase in price leads to a 15% decrease in quantity demanded. D. a 0.5% decrease in price leads to a 1% increase in quantity demanded.