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=6,Q=147) and (L=7,Q=184). The marginal product of the seventh worker is

a. 25 units of output.
b. 27 units of output.
c. 37 units of output.
d. 184 units of output.


c

Economics

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Since 1994, trade rules have been enforced by

A) the WTO. B) the G10. C) the GATT. D) The U.S. Congress. E) the European Union.

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In a long-run equilibrium, a perfectly competitive firm's average total cost is

A) minimized. B) maximized. C) zero. D) equal to average fixed cost.

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Consider the hypothetical supply and demand of Kidneys.



Suppose Kidneys cannot be sold, only donated (price is zero). How many kidneys are donated in this hypothetical situation?

A. 0
B. 900
C. 2000
D. 1200

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The price elasticity of demand measure is generally stated as an absolute value

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

Economics