Consider the Following Table for a Firm

question 59

Multiple Choice

Consider the following table for a firm.The first column shows the number of units of a variable factor of production employed by the firm.
TABLE 13-2
-Refer to Table 13-2.Suppose the firm is a perfect competitor and faces a given price of the product equal to $2 per unit.The marginal revenue product of the 5th unit of the factor is

• A)$128.
• B)$148.
• C)$20.
• D)$40.
• E)$2.

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Definitions:

Production Control

The activity of planning, coordinating, and controlling the manufacture process from raw materials to finished product delivery.

Form Utility

The value added to goods through a change in form, shape, or appearance, to make them more useful or appealing.

Raw Materials

Basic substances in their natural, modified, or semi-processed states, used as inputs to a production process for manufacturing finished goods.

Quality Control

A process through which a business seeks to ensure that product quality is maintained or improved and manufacturing errors are reduced or eliminated.