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

question 374

Multiple Choice

-The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. Initially the market price of peanuts is $2.00 per pound. If the market price of peanuts fall to $1 per pound and a worker costs $800 per month, how many workers will Peter employ to maximize his profit?

• A) zero
• B) two
• C) three
• D) four

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Definitions:

Process Control

The practice of monitoring and controlling a manufacturing process to ensure that it operates at its desired performance criteria, using feedback and control mechanisms.

Information Technology

The use of computers, storage, networking, and other physical devices, infrastructure, and processes to create, process, store, secure, and exchange all forms of electronic data.

Process Chart

Graphic representation that depicts a sequence of steps for a process.

Time Axis

The graphical representation of time in charts or graphs, often serving as the horizontal axis to plot time-dependent data.