The Following Question(s)deal with the Widget Company, Which Produces Widgets

question 69

Multiple Choice

The following question(s) deal with The Widget Company, which produces widgets. Widgets are produced according to: $$\begin{array} { | c | c | } \hline \text { Number of Widget Workers } & \text { Number of Widgets Produced } \\\hline 0 & 0 \\\hline 1 & 12 \\\hline 2 & 22 \\\hline 3 & 30 \\\hline 4 & 36 \\\hline 5 & 40 \\\hline\end{array}$$
-If the real wage is equal to 7 widgets, and only an integer number of workers can be hired, The Widget Company should hire

• A)2 workers.
• B)3 workers.
• C)4 workers.
• D)5 workers.
• E)6 workers.

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Definitions:

Industry-Average Learning Curve

A benchmark learning curve that represents the average rate at which companies within a specific industry improve their efficiency or productivity over time as they gain experience.

Competitor

An entity or individual that is in the same industry or market and vies for the same customers or resources.

Learning Curves

Graphs that demonstrate the rate at which people learn a new skill or the performance improvement of an algorithm over time.

Budgets

Financial plans that estimate revenue and expenses over a specified period.