If the Total Wages Paid Change from $200,000 to $250,000

question 125

Multiple Choice

If the total wages paid change from $200,000 to $250,000 when the quantity of labor employed increases from five to seven workers,the marginal wage is

• A)$35,714.
• B)$25,000.
• C)$250,000.
• D)$50,000.

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Definitions:

Independent Samples

Data sets that are collected from different populations, where the measurements from one sample do not influence or are not related to those from another.

Normal Approximation

A method used in statistics that approximates a binomial distribution with a normal distribution when the sample size is large enough.

Standardized Test Statistic

A statistic that is calculated from sample data and can be compared to a distribution to determine significance.

Wilcoxon Rank Sum Test

A nonparametric statistical hypothesis test used to compare two independent samples, assessing whether their populations have the same distribution.