Suppose a certain firm is able to produce 165 units of output per day when 15 workers are hired. The firm is able to produce 181 units of output per day when 16 workers are hired, holding other inputs fixed. The marginal product of the 16th worker is
a. 10 units of output.
b. 11 units of output.
c. 16 units of output.
d. 181 units of output.
c
You might also like to view...
Which of the following statements is correct?
A) PPP is a theory of exchange rate determination. B) Inflation differentials cause changes in exchange rates. C) PPP is an equilibrium relationship between two endogenous variables. D) PPP, or the law of one price, should hold well for individual goods.
The Taylor rule relates
a. inflation rates to unemployment rates. b. the federal funds rate to inflation and output rates. c. differences in the federal funds rate from its target to differences in inflation and unemployment from its target. d. differences in the federal funds rate from its target to differences in inflation and unemployment from its target. e. All of the above
When Mario's income decreases, he buys more pasta. For Mario, pasta is a normal good
a. True b. False Indicate whether the statement is true or false
The deadweight loss from a tax
a. does not vary in amount when the price elasticity of demand changes. b. does not vary in amount when the amount of the tax per unit changes. c. is larger, the larger is the amount of the tax per unit. d. is smaller, the larger is the amount of the tax per unit.