A Farmer Who Has Fixed Amounts of Land and Capital

question 256

Multiple Choice

A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $2.50 per unit, and the wage rate is $19 per worker. The marginal product of the first worker is

• A)19
• B)1
• C)60
• D)24

---

Definitions:

Effective Mastery

The ability to gain skillful control or achieve a high level of competence in a particular area of activity or knowledge.

Full Night's Sleep

The period of sleep considered sufficient for optimal health and function, typically ranging from 7 to 9 hours for adults.

Productive

The ability to produce a significant amount or result, especially in terms of work or creativity.

Managing Time

The process of planning and controlling how much time to spend on specific activities to increase efficiency or productivity.