The Table Gives Marginal Product Data for Resources a and B

question 73

Multiple Choice

The table gives marginal product data for resources a and b. The output of these independent resources sells in a purely competitive market at $1 per unit. Assuming the prices of resources a and b are $5 and $8 respectively, what is the least costly combination of resources for the firm to employ in producing 192 units of output?

• A)2 of a and 6 of b
• B)6 of a and 2 of b
• C)4 of a and 3 of b
• D)3 of a and 4 of b

Grasp the concept of emotional intelligence and its relevance to effective management.

Understand Kohlberg's model of cognitive moral development.

Analyze the consequences of unethical behavior on organizations.

Compare personality traits of high-Mach and low-Mach individuals.

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Definitions:

Percent

A term used to describe one hundredth of a whole; a way to express fractions, amounts, or changes in quantities in terms of hundredths.

Reserve Requirement

A regulation that sets the minimum amount of reserves a bank must hold against deposits, used as a tool to control banking stability and money supply.

Deposits

Money placed into a financial institution for safekeeping, which can earn interest over time.

Loans

Funds borrowed that are expected to be paid back with interest.