Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the ninth worker?
A. 10
B. 5
C. 15
D. 290
C. 15
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Menu costs are the costs of:
A. changing prices. B. running a restaurant. C. changing production. D. increasing aggregate demand.
During the decade of the 1920s, the distribution of income
(a) became increasingly equal. (b) changed little or not at all. (c) became increasingly unequal. (d) may or may not have changed, but it is difficult to know because of lack of data.
Wants are
A. the things people would consume if they had unlimited incomes. B. the things people consume with their income. C. all the things people really need in order to live comfortably. D. another term for needs.
If consumption is $60,000 when income is $80,000, and consumption increases to $68,000 when income increases to $90,000, the MPC is
A. 0.2. B. 0.4. C. 0.6. D. 0.8.