The Table Has the Marginal Products for Workers at Bart's

question 73

Multiple Choice

The table has the marginal products for workers at Bart's Bats, a cricket bat factory.
-Using the above table, if the price of a bat is $8, then the value of marginal product of labour of the fourth worker is

• A) $1.375.
• B) $40.
• C) 5 bats.
• D) $0.625.
• E) None of the above answers is correct.

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Definitions:

Total Surplus

A combination of consumer and producer surplus that signifies the overall net advantage to society from the consumption and production of a good or service.

International Trade

involves the exchange of goods and services across international borders or territories.

Import/Export

The exchange of goods, services, and capital between different countries or territories, enhancing global economic interdependence.

Total Surplus

The sum of consumer and producer surplus, representing the total benefit to society from the production and consumption of goods and services.