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
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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.
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.
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
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