Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 5, Q = 125) and (L = 6, Q = 152). Then the marginal product of the 6th worker is
a. 25 units of output.
b. 27 units of output.
c. 37 units of output.
d. 162 units of output.
b
You might also like to view...
You're buying snacks for an Econ Club meeting. You've been given $100 to spend on chips and soda. If bags of chips cost $3 each and Soda costs $1 each, how much of each can you buy?
A. 40 bags of chips and 10 sodas B. 10 bags of chips and 75 sodas C. 25 bags of chips and 25 sodas D. 30 bags of chips and 15 sodas
Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the unemployment rate is approximately
A) 4.2 percent. B) 6.1 percent. C) 7.5 percent. D) 8.0 percent.
Table 14.4Table 14.4 represents 3 markets for used motorcycles. Which of the markets in Table 14.4 are in equilibrium?
A. 1 only B. 2 only C. 3 only D. 1 and 3
An example of intangible capital is
A. a flower garden. B. a trained apprenticeship program. C. a vacation house. D. a book.