Table 18-1

question 459

Multiple Choice

Table 18-1.The table displays data for a small,competitive,profit-maximizing firm that produces and sells envelopes.The time frame is one week.

-Refer to Table 18-1.Suppose the firm sells each box of envelopes that it produces for $6.What is the marginal profit of the fourth worker?

• A) $-132
• B) $-96
• C) $132
• D) $504

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Definitions:

Sod

A layer of earth in which the roots of grass are embedded, commonly used for lawns, golf courses, and sports fields to quickly establish a green surface.

Marginal Costs

The expense incurred from the production of one more unit of a product or service.

Average Cost

The total cost of production divided by the number of goods produced, representing the cost per unit of output.

Grazing

The act of animals eating grass or other vegetation growing close to the ground.