The Table Below Shows the Total Production for Varying Numbers

question 49

Multiple Choice

The table below shows the total production for varying numbers of hours worked producing yo-yos.The firm sells its product and hires its workers in competitive markets.
TABLE 13-4
-Refer to Table 13-4.Which of the following statements best describes the situation of this firm when it is employing 15 hours of labour? The 15th hour of labour hired

• A)adds $5 to revenue,but costs $10 to hire,so this firm should hire less labour.
• B)adds $20 to revenue,but only costs $10 to hire,so this firm should hire more labour.
• C)adds $10 to revenue and costs $10 to hire,so this firm is maximizing its profit at 15 hours of labour.
• D)adds $50 to revenue,but only costs $10 to hire,so this firm should hire more labour.
• E)adds $2 to revenue,but costs $10 to hire,so this firm should hire less labour.

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Definitions:

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, making it more useful for planning and control purposes.

Fixed Costs

Expenses that do not vary with the level of production or sales over the short term.

Management by Exception

A management strategy where managers only intervene in decision making when performance deviates significantly from standards, allowing more focus on important issues.

Controllable

Refers to costs or elements within a business that can be directly managed, influenced, or altered by decisions of management.