Consider the Following Production and Cost Schedule for a Firm

question 97

Multiple Choice

Consider the following production and cost schedule for a firm. $$\begin{array}{l}\begin{array} { | l | l | l | l | } \hline \begin{array} { l } \text { Total Number of } \\\text { Units of the } \\\text { Factor }\end{array} & \begin{array} { l } \text { Total Number of } \\\text { Units of Output }\end{array} & \begin{array} { l } \text { Price per Unit } \\\text { of Output }\end{array} & \begin{array} { l } \text { Total Cost } \\\text { of Production }\end{array} \\\hline 10 & 30 & \$ 10 & \$ 100 \\\hline 11 & 44 & \$ 10 & \$ 110 \\\hline 12 & 64 & \$ 10 & \$ 120 \\\hline 13 & 78 & \$ 10 & \$ 130 \\\hline 14 & 84 & \$ 10 & \$ 140 \\\hline 15 & 86 & \$ 10 & \$ 150 \\\hline\end{array}\\\text { TABLE 13- } 1\end{array}$$
-Refer to Table 13- 1. The marginal physical product of the 15th unit of the factor of production is
.

• A) - 2
• B) 0
• C) 2
• D) 82
• E) 84

Identify aerobic exercise and its benefits for heart and lung fitness.

Comprehend the importance of social support in promoting health and reducing stress.

Describe the role of oxytocin in stress moderation and its sources.

Understand the strategies for stress management and their physiological impacts.

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Definitions:

Efficient

The optimal use of resources to achieve the desired output with minimal waste, or achieving a goal in the most cost-effective way.

MSB = MSC

A condition where the Marginal Social Benefit of consuming a good equals the Marginal Social Cost of producing it, representing an optimal allocation of resources.

Public Park

A plot of land, usually owned by a government, open to the public for recreation and relaxation, without an entrance fee.

Positive Externality

A benefit received by third parties not directly involved in an economic transaction, like the environmental benefits from a public park.