Consider the Following Production and Cost Schedule for a Firm

question 1

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. $$\begin{array} { | c | l | l | c | } \hline \begin{array} { c } \text { Total Number of } \\\text { Units of the Factor }\end{array} & \begin{array} { c } \text { Total Number of } \\\text { Units of Output }\end{array} & \begin{array} { l } \text { Price per Unit } \\\text { of Output }\end{array} & \begin{array} { c } \text { Total Cost } \\\text { of Production }\end{array} \\\hline 2 & 12 & \$ 10 & \$ 50 \\\hline 3 & 20 & \$ 9 & \$ 55 \\\hline 4 & 26 & \$ 8 & \$ 60 \\\hline 5 & 30 & \$ 7 & \$ 65 \\\hline 6 & 32 & \$ 6 & \$ 70 \\\hline 7 & 32 & \$ 5 & \$ 75 \\\hline\end{array}$$ TABLE 13- 3
-The value of a factor in its best alternative use is called

• A)intrinsic value.
• B)economic profit.
• C)alternative value.
• D)transfer earnings.
• E)economic earnings.

---

Definitions:

Spermatocytes

Cells in the testes that undergo meiosis to produce sperm.

Spermatids

Immature male sex cells that result from the division of secondary spermatocytes and will eventually develop into mature sperm.

Chromosome Number

The chromosome number is the total count of chromosomes within the nucleus of a cell, characteristic for each species and fundamental for genetic inheritance.

Cytokinesis

The process during cell division where the cytoplasm of a single eukaryotic cell divides into two distinct cells.