Let L Represent the Number of Workers Hired by a Firm,and

question 154

Multiple Choice

Let L represent the number of workers hired by a firm,and let Q represent that firm's quantity of output.Assume two points on the firm's production function are (L = 12,Q = 122) and (L = 13,Q = 132) .Then the marginal product of the 13th worker is

• A) 8 units of output.
• B) 10 units of output.
• C) 122 units of output.
• D) 132 units of output.

Explain the balanced scorecard approach and its perspectives.

Distinguish between actual cost reporting and standard cost reporting in financial statements.

Understand the computation and significance of overhead variances.

Recognize the calculation and implications of volume and controllable variances.

---

Definitions:

Equal Protection Clause

Part of the Fourteenth Amendment to the U.S. Constitution, requiring states to provide equal protection under the law to all persons.

Fourth Amendment

An amendment to the U.S. Constitution that protects citizens from unreasonable searches and seizures, requiring warrants to be judicially sanctioned and supported by probable cause.

First Amendment

An amendment to the U.S. Constitution that guarantees freedoms concerning religion, expression, assembly, and the right to petition.

Duality

The existence of two parts or aspects of something that are either complementary or in opposition to each other.