Table 302 Table 302 Shows How Many Hairstyling Appointments a Hair Salon Can

question 4

Multiple Choice

Table 30.2 $$\begin{array} { | c | c | c | c | c | } \hline \begin{array} { c } \text { Nurrber of } \\\text { stylists (per } \\\text { week) }\end{array} & \begin{array} { c } \text { Total output } \\\text { (per week) }\end{array} & \begin{array} { c } \text { Marginal } \\\text { physical } \\\text { product } \\\text { (output per } \\\text { stylist) }\end{array} & \begin{array} { c } \text { Total revenue } \\\text { (dollars per } \\\text { week) }\end{array} & \begin{array} { c } \text { Marginal revenue } \\\text { product (dollars } \\\text { per stylist) }\end{array} \\\hline 0 & \text { c } & \ldots & & \ldots \\\hline 1 & 6 t & & \\\hline 2 & 80 & & \\\hline 3 & 9 d & & \\\hline 4 & 94 & & \\\hline\end{array}$$ Table 30.2 shows how many hairstyling appointments a hair salon can schedule per week based on the number of stylists.In the spaces provided,compute the marginal physical product (MPP) of the hair stylists,total revenue,and marginal revenue product of the stylists,assuming that a hair stylist charges $60 per appointment.In Table 30.2 suppose a hairstylist is paid $700 per week.How many hairstylists should a profit-maximizing salon hire?

• A)1.
• B)2.
• C)3.
• D)4.

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Definitions:

Unscientific Thinking

Reasoning or beliefs not based on or contradicting established scientific methods and principles.

Subjective Observation

The collection of data based on personal judgments, feelings, or opinions, rather than objective measurement.

Objectivity

Is assessed by the degree of consistency between the observations of independent observers.

Sampling

A statistical method of selecting a subset of individuals or observations from a larger population to make inferences about the whole population.