A firm produces 200 units of a good when it employs 7 workers. The marginal product of the eighth worker is 46 units. If the eighth worker is hired, the firm's total product will increase to:

A) 208 units.
B) 228 units.
C) 246 units.
D) 322 units.


C

Economics

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Refer to Table 6-7

a. Using the information in the table, calculate the income elasticity of demand for good X and characterize the good. Use the midpoint formula. b. Can you calculate the income elasticity of demand for good Y? If you can, show your calculation and characterize the good. If you cannot, explain why.

Economics

Gladys agrees to lend Kay $1,000 for one year at a nominal rate of interest of 5 percent. At the end of the year prices have actually risen by 7 percent

a. Gladys earns extra real income. b. Kay loses extra real income. c. Kay receives extra real income. d. Neither party gains or loses if the loan is repaid.

Economics

OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short run

a. True b. False Indicate whether the statement is true or false

Economics

Refer to the data provided in Table 9.4 below to answer the question(s) that follow.  Table 9.4qTFCTVCTCMCAVCATC0$100  $0$100  ----  --  11004014040  40  140  21006016020  30   80  31009019030  30    63.334100124  224  343156  5100180  280  56  36  56  6100  264    364  84  44    60.677100  372    472  108  53.14  67.42Refer to Table 9.4. At a market price of $56, if the firm produces where MR = MC, then it would produce ________ units of output and earn an economic profit of ________.

A. 4; $0 B. 0; -$100 C. either 4 or 5; $0 D. 5; $0

Economics