Jayden Runs a Company That Sells Its Product for $250

question 74

Multiple Choice

Jayden runs a company that sells its product for $250 each. When he employs 10 workers, they can sell 60 products per week, while only 54 products are sold when 9 workers are employed. What is the weekly marginal revenue product of the tenth worker?

• A) $250
• B) $1,250
• C) $1,500
• D) $15,000

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Definitions:

Positive Economics

A branch of economics that focuses on objective analysis and the description of how the economy functions, as opposed to normative economics that involves value judgments.

Normative Economics

An area of economics that makes assessments of economic fairness or desired economic outcomes and aims of public policy.

Consequences

The outcomes or effects resulting from a particular action or set of conditions.

Negative Relationship

A relationship between two variables, X and Y, in which a decrease in X is associated with an increase in Y and an increase in X is associated with a decrease in Y.