Consider Labour Hired for $18 Per Hour

question 45

Multiple Choice

Consider labour hired for $18 per hour.If the last hour of labour hired produces 8 units of output which sells for $10 per unit,________ labour should be hired in this situation since the wage is ________ MRP.

• A)more; greater than
• B)more; less than
• C)less; greater than
• D)less; less than
• E)no; equal to

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Definitions:

Slope

In mathematics, the slope describes the steepness, incline, or grade of a line, defined as the ratio of the vertical change to the horizontal change between two points on the line.

Intercept

The point on a graph where a line or curve crosses an axis, often used to determine where a function or equation equals zero.

Least-Squares Regression

A statistical method to determine a line of best fit by minimizing the sum of squares of the distances of data points from the proposed line.

Sum Of Squares

A statistical measure that quantifies the variation or dispersion of a set of data points, by calculating the sum of the squared differences from the mean.