Consider the Following Production and Cost Schedule for a Firm

question 42

Multiple Choice

Consider the following production and cost schedule for a firm.The first column shows the number of units of a variable factor of production employed by the firm. $$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Total Number of } \\\text { Units of the } \\\text { Factor }\end{array} & \begin{array} { c } \text { Total Number of } \\\text { Units of Output }\end{array} & \begin{array} { c } \text { Price per Unit } \\\text { of Output }\end{array} & \begin{array} { c } \text { Total Cost } \\\text { of Production }\end{array} \\\hline 2 & 12 & \$ 10 & \$ 50 \\\hline 3 & 20 & \$ 9 & \$ 55 \\\hline 4 & 26 & \$ 8 & \$ 60 \\\hline 5 & 30 & \$ 7 & \$ 65 \\\hline 6 & 32 & \$ 6 & \$ 70 \\\hline 7 & 32 & \$ 5 & \$ 75 \\\hline\end{array}$$ TABLE 13- 3
-Alfred Marshall's concept of "transfer earnings" denotes

• A)the amount the factor earns every time it transfers between locations.
• B)the amount a factor earns over and above what is necessary to keep the factor from transferring to an alternative use.
• C)the value of the factor to its user.
• D)the amount that a factor must earn to keep it from transferring to another use.
• E)a return to a particular factor which must be the same for all uses of that factor.

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