-Refer to Table 2

question 114

Multiple Choice

-Refer to Table 2.3. The marginal product of the 1st worker is:

• A) 60 units of output.
• B) 100 units of output.
• C) 80 units of output.
• D) 40 units of output.

Apply financial ratio analysis for assessing a firm’s short-term solvency through liquidity ratios.

Utilize financial ratios to evaluate a firm's efficiency in asset management through activity ratios.

Assess a firm’s long-term solvency through leverage ratios.

Evaluate a firm’s financial performance using profitability ratios.

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Definitions:

Indifference Schedule

A tabular representation showing combinations of goods between which a consumer is indifferent, reflecting similar preferences as an indifference map.

Units of X

A quantifiable amount of a product or resource, denoted as 'X', used in various contexts to measure output, consumption, or other economic variables.

Marginal Rate

refers to the rate at which one variable changes as another variable changes slightly, commonly used in the context of taxes or interest.

Indifference Schedule

A representation of combinations of two goods between which a consumer is indifferent because they provide the same level of utility.