Table 18-7 Harold Owns a Cranberry Bog in Which He Grows Cranberries

question 56

Multiple Choice

Table 18-7
Harold owns a cranberry bog in which he grows cranberries. Harold's farm is a competitive, profit-maximizing firm. Harold's production function is detailed in the table below.

-Refer to Table 18-7.What is the marginal product of the fourth worker?

• A) 250 bushels
• B) 62.5 bushels
• C) 50 bushels
• D) 30 bushels

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Definitions:

Scrap

Material that is discarded or waste from manufacturing processes, often capable of being recycled.

Downtime

The period during which an operation, system, or machine is not functional or productive.

Just-In-Time (JIT)

Continuous and forced problem solving via a focus on throughput and reduced inventory.

Inventory

A company's stock of goods, materials, and products held to fulfill future sales or production needs.