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

question 113

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,as more stylists are hired,

• A)There are diminishing returns.
• B)There are economies of scale.
• C)There are diseconomies of scale.
• D)MRP increases.

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Definitions:

Industrial-Medical Revolution

A period marked by significant advancements in industrial and medical fields, leading to changes in manufacturing, healthcare, and societal structures.

Average Per Capita

A statistical measure that represents the average amount of a particular resource or characteristic per person within a specified population.

Economic Growth

An increase in the production of goods and services over a certain period within a country, leading to an improvement in the country's economy.

Agricultural Revolution

A period of technological improvement and increased crop productivity that began in the 18th century.