A Farmer Who Has Fixed Amounts of Land and Capital

question 186

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 $4 per unit, and the wage rate is $30 per worker. The marginal revenue product of the third worker is

• A)$5
• B)$148
• C)$-10
• D)$20

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Definitions:

Social Inequality

A condition where resources, opportunities, and privileges are distributed unequally among individuals in a society based on various socio-demographic factors.

Ethical

Pertaining to or dealing with morals, the principles of morality pertaining to right and wrong conduct.

Willowbrook State School

A historically notorious institution in New York where individuals with intellectual disabilities were egregiously mistreated, leading to significant reforms in care standards.

Purposely Infected

The deliberate act of infecting an individual or population with a disease-causing agent, often for malign purposes or scientific research.