A Farmer Who Has Fixed Amounts of Land and Capital

question 98

Multiple Choice

A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal revenue product of the second worker is

• A) $24.
• B) $8.
• C) $15.
• D) $9.

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Definitions:

Narrative Theme

In storytelling and psychology, the underlying topic or recurring pattern that provides a framework for interpreting events or actions.

Agency

The capacity of individuals to act independently and make their own free choices, influenced by the structure of social relations.

First Job

The initial professional employment a person undertakes, which can significantly influence their career path and work ethic.

Redemptive Story

A narrative framework that involves a progression from hardship to recovery or salvation, highlighting transformative experiences.