-Using the Data in the Above Table, If the Firm

question 319

Multiple Choice

-Using the data in the above table, if the firm employs 5 workers, total product (measured in units per day) and average product and marginal product of the fifth worker (measured in units per worker) are

• A) 23, 5.00, and 4 respectively.
• B) 23, 5.75, and 4 respectively.
• C) 25, 5.00, and 2 respectively.
• D) 25, 5.75, and 4 respectively.

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Definitions:

Shifted

Shifted refers to the change in position, direction, or tendency of an object, market demand/supply curve, or another measurable factor.

Income Tax

A tax imposed by the government on the income earned by individuals and businesses within its jurisdiction.

Sales Tax

A tax levied on sales of goods and services, typically calculated as a percentage of the purchase price, paid by consumers at the point of sale.

Interest Rates

Charges applied on borrowed money or returns on invested capital, which vary based on the time, inflation, risk, and liquidity.