A Farmer Who Has Fixed Amounts of Land and Capital

question 104

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 $3.50 per unit, and the wage rate is $17 per worker. What is the farmer's profit-maximizing output?

• A)40
• B)32
• C)20
• D)37

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Definitions:

Non-Dedicated Wire

A wire within an electrical system that is not reserved for a single specific use or function.

Acid Tanker

A specialized tank truck designed for transporting acidic substances safely, featuring materials and construction that resist corrosion and damage from acids.

Stainless Steel

A corrosion-resistant alloy steel containing chromium, used in a wide variety of applications for its durability and appearance.

Non-Reactive

Describes substances that do not easily undergo chemical reactions with other substances under given conditions, often related to material safety and stability.