Examlex

Solved

Consider the Following Table for a Firm -Refer to Table 13- 2

question 118

Multiple Choice

Consider the following table for a firm.  Total Number of  Units of the  Factor  Total Number of  Units of Output 2100311041285148616271708166 TABLE 13- 2\begin{array}{l}\begin{array} { | 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} \\\hline 2 & 100 \\\hline 3 & 110 \\\hline 4 & 128 \\\hline 5 & 148 \\\hline 6 & 162 \\\hline 7 & 170 \\\hline 8 & 166 \\\hline\end{array}\\\text { TABLE 13- } 2\end{array}
-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 .


Definitions:

Bankrupt

Describes a legal status for individuals or entities that cannot repay the debts they owe to creditors, often leading to legal proceedings for debt relief.

Drug Use

The act of consuming chemical substances for recreational, therapeutic, or performance-enhancing purposes.

Civic Lessons

Educational activities or instructions that focus on the rights and duties of citizens in society.

Related Questions