The Following Data Show the Total Output for a Firm

question 67

Multiple Choice

The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital.Assume that the wage per unit of labour is $10 and the cost of the capital is $50. $$\begin{array} { | c | l | } \hline \text { Lab our per period } & \text { Total output per period } \\\hline 0 & 0 \\\hline 1 & 10 \\\hline 2 & 30 \\\hline 3 & 90 \\\hline 4 & 132 \\\hline 5 & 150 \\\hline\end{array}$$ TABLE 7- 3
-Refer to Table 7- 3.If this firm is producing 111 units of output per period,its marginal cost is

• A)76 cents.
• B)38 cents.
• C)24 cents.
• D)$1.00.
• E)16.7 cents.

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Definitions:

Measurement Method

The technique or strategy used to assess, quantify, or evaluate a particular variable or attribute.

Progress

The forward or onward movement towards achieving a goal or improving conditions.

Labour Expenses

Expenses related to employee compensation, such as paychecks, bonuses, benefits, and tax contributions.

Labour Force

The total number of people aged 16 and over who are either employed or actively seeking employment.