Consider the Following Production and Cost Schedule for a Firm

question 36

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. $$\begin{array} { | c | c | l | } \hline \begin{array} { c } \text { Total Number of } \\\text { Units of the Factor }\end{array} & \begin{array} { c } \text { Total Number of } \\\text { Units of Output }\end{array} & \begin{array} { l } \text { Price per Unit } \\\text { of Output }\end{array} \\\hline 10 & 20 & \$ 10 \\\hline 11 & 44 & \$ 10 \\\hline 12 & 64 & \$ 10 \\\hline 13 & 78 & \$ 10 \\\hline 14 & 84 & \$ 10 \\\hline 15 & 86 & \$ 10 \\\hline\end{array}$$ TABLE 13- 1
-Refer to Table 13- 1.How many units of this factor of production would the profit- maximizing firm hire if the price of each unit of the factor was $140?

• A)13
• B)11
• C)12
• D)14
• E)It is not possible to determine with the data given.

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Definitions:

Visioning

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Short-term Action

refers to immediate measures or steps taken to address a specific issue or to achieve a quick result, often as part of a larger strategy.

Deep Breathing

A relaxation technique involving intentional, slow, and deep inhalations and exhalations, used to reduce stress and promote well-being.

Renewing Commitments

The act of reaffirming or rededicating oneself to a pledge, promise, or course of action, especially after a period of lapse or uncertainty.