During the Summer Jeremy, a Small Business Owner, Can Hire

question 63

Multiple Choice

During the summer Jeremy, a small business owner, can hire extra staff to help him repair boats.On his own Jeremy can repair 10 boats a day, adding a second staff member sees 15 boats a day repaired, and adding a third sees 18 boats a day repaired.The marginal product of the third worker is:

• A)18 boats/day
• B)15 boats/day
• C)5 boats/day
• D)3 boats/day

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Definitions:

Change Issues

Challenges that arise during the process of making alterations to business operations or strategy.

Environmental Issues

Various concerns related to the preservation and protection of the environment including pollution, climate change, and natural resource depletion.

Organizational Change

Relates to the process through which companies undergo transformations in structure, strategies, processes, or culture to address internal and external challenges.

Economic Level

Refers to the extent of wealth, resources, or fiscal health of an entity or region, often measured in terms of gross domestic product (GDP), income, and unemployment rates.