Table 18-8 Harold and Maude Own a Dance Studio Where They and They

question 476

Multiple Choice

Table 18-8
Harold and Maude own a dance studio where they and their employees teach ballroom dancing. Their company is a competitive, profit-maximizing firm. Harold and Maude's production function is detailed in the table below.
-Refer to Table 18-8. If Harold and Maude pay their workers $80 per day and charge $20 per dance lesson, what is the value of the marginal product of the third worker?

• A)$400
• B)$800
• C)$1,000
• D)$1,600

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Definitions:

SRS

An abbreviation for Simple Random Sample, a sampling method where every member of the population has an equal chance of being selected.

Base Pair

A pair of nitrogenous bases, one purine and one pyrimidine, which form the rungs of the DNA double helix through hydrogen bonding.

Necessary Reagents

Substances required to carry out a specified chemical reaction.

Organic Compound

Chemical compounds that contain carbon and hydrogen, often containing other elements like nitrogen, oxygen, sulfur, and phosphorus, essential to life.