-The Table Above Gives a Firm's Total Product Schedule

question 459

Multiple Choice

-The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit?

• A) $10.00
• B) $24.92
• C) $31.61
• D) $50.00

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Definitions:

Earth's Environment

Comprises all the external factors influencing the life and ecosystems on the planet, including climate, land, water, and living organisms.

Intensive Crop Cultivation

A farming practice that aims to maximize agricultural output from a given piece of land through the use of technologies, pesticides, and fertilizers.

Plows

Agricultural tools used for turning over the soil, typically to prepare it for planting crops by cutting, lifting, and overturning it.

Fertilizers

Substances added to soil to improve its fertility by supplying essential nutrients to plants, including nitrogen, phosphorus, and potassium compounds.