Exhibit 21-8 Exhibit 21-8 Shows How Output Varies with the Only

question 47

Multiple Choice

Exhibit 21-8 Exhibit 21-8 shows how output varies with the only variable input used in its production. If the cost of a unit of labor is $500, what is the approximate marginal cost of the 185th unit of output?

• A)$2.50
• B)$16.67
• C)$12.50
• D)$50.00
• E)$100.00

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Definitions:

General Journal

A primary accounting record used to record all types of financial transactions in chronological order.

General Ledger

A comprehensive record of all financial transactions within a company, used to compile financial statements.

Pay Period

The time frame over which an employee's work hours are recorded and for which they are compensated.