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.

Calculate gross and net pay from given salaries, hourly rates, and commission-based income.

Analyze the value of employee benefits and their impact on overall compensation.

Identify and describe the purposes of various types of insurance and compensation for workers.

Apply piecewise functions to real-world scenarios in payroll and benefit calculations.