If It Will Take One Person 20 Days to Perform

question 103

True/False

If it will take one person 20 days to perform a particular task, it is true that two people could complete the same task in 10 days or that 10 people could perform the task in two days.

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Definitions:

Marginal Revenue Productivity

The additional revenue generated by hiring one more unit of a factor of production, such as labor.

Profit-maximizing

A strategy or point at which a business reaches the highest possible difference between its total revenues and total costs.

Resources

Inputs or factors used in the production of goods and services, typically categorized into labor, capital, land, and entrepreneurship.

Appliance Manufacturer

A company engaged in the design, production, and sale of electrical or mechanical devices for domestic or commercial use.