The Table Below Shows the Total Production for Varying Numbers

question 67

Multiple Choice

The table below shows the total production for varying numbers of hours worked producing yo- yos.The firm sells its product and hires its workers in competitive markets. $$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Number of } \\\text { Hours Worked }\end{array} & \begin{array} { c } \text { Number of } \\\text { Yo-Yos } \\\text { Produced }\end{array} & \begin{array} { c } \text { Wage Rate } \\\text { per Hour } ( \$ ) \end{array} & \begin{array} { c } \text { Price of Yo- Yos } \\( \$ ) \end{array} \\\hline 10 & 60 & 10 & 5 \\\hline 11 & 70 & 10 & 5 \\\hline 12 & 78 & 10 & 5 \\\hline 13 & 84 & 10 & 5 \\\hline 14 & 88 & 10 & 5 \\\hline 15 & 90 & 10 & 5 \\\hline\end{array}$$ TABLE 13- 4
-Refer to Table 13- 4.If plotted on a graph,the marginal revenue product curve for the "number of hours worked" would be the same as

• A)the firm's marginal product curve,and would be downward sloping and concave to the origin.
• B)the firm's marginal revenue curve,and would be horizontal at $5 because this firm is operating in a competitive labour market.
• C)the firm's demand curve for hours worked,and would be downward sloping and linear.
• D)the firm's demand curve for yo- yos,and would be downward sloping and linear.
• E)the firm's marginal product curve,and would be downward sloping and convex to the origin.

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Definitions:

Median

The middle value in a data set when it is arranged in ascending order, or the average of the two middle values if there is an even number of observations.

Negatively Skewed Curve

A set of test scores where the majority fall at the upper or positive end. It is said to be a negatively skewed curve or distribution because a few “negative” or low-end scores have stretched or skewed the curve to the left.

Median

A statistical measure representing the middle value in a sorted list of numbers, effectively dividing the data set into two halves.

Mode

A measure of central tendency that is the score that occurs more often than any other.