-The Preceding Table Gives Monthly Production Information for Peter's Peanuts

question 53

Multiple Choice

-The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2 per kilogram. A worker costs $1,200 per month. How many workers does Peter hire to maximise his profit?

• A) Zero
• B) Three
• C) Four
• D) One

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Definitions:

Chronically

Refers to something happening in a persistent and recurring manner over a long period.

Taste Buds

Sensory organs located on the tongue and other parts of the mouth that are responsible for detecting the five elements of taste perception: sweet, salty, sour, bitter, and umami.

Genetic Differences

Variations in the DNA sequences among individuals, which contribute to the unique physical and behavioral traits of each person.

Taste Buds

Sensory organs on the tongue that are responsible for perceiving different tastes.