The Table Gives Marginal Product Data for Resources a and B

question 344

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 profit-maximizing combination of resources?

• A)7 of a and 7 of b
• B)6 of a and 4 of b
• C)4 of a and 4 of b
• D)5 of a and 7 of b

Understand the procedural rules of courts and the methods for settling disputes outside of courts (ADR).

Understand how changes in capital (like machinery or technology) affect optimal labor employment.

Calculate the optimal level of labor employment based on marginal product of labor, wage rates, and marginal revenue.

Analyze the impact of wage rate changes on the employment of labor.

---

Definitions:

Connectedness

The emotional bond and sense of unity felt towards individuals or communities, contributing to one's sense of belonging and social identity.

Financial Independence

The state of having sufficient personal wealth to live, without having to work actively for basic necessities, allowing an individual more freedom with their time.

Erikson

Refers to Erik Erikson, a developmental psychologist known for his theory on the psychosocial development of human beings across eight stages of life.

Ego Identity

Ego identity is a concept in psychology that refers to a person's sense of self, formed through social interactions and becoming a consistent and stable sense of who one is.