(Table) Based on the Table, the Marginal Revenue Product of the Fourth

question 278

Multiple Choice

(Table) Based on the table, the marginal revenue product of the fourth worker is
$\begin{array}{|c|c|c|c|c|}\hline L & T P & \boldsymbol{M P P L} & \boldsymbol{P} & \boldsymbol{M R P L} \\\hline 0 & 0 & 0 & \$ 10 & \$ 0 \\\hline 1 & 6 & 6 & \$ 10 & \$ 60 \\\hline 2 & 13 & 7 & \$ 10 & \$ 70 \\\hline 3 & 22 & & \$ 10 & \$ 90 \\\hline 4 & 35 & 13 & \$ 10 & \\\hline 5 & 47 & & \$ 10 & \$ 120 \\\hline 6 & 57 & 10 & \$ 10 & \$ 100 \\\hline 7 & 65 & 8 & \$ 10 & \$ 80 \\\hline 8 & & 6 & \$ 10 & \$ 60 \\\hline 9 & 76 & 5 & \$ 10 & \$ 50 \\\hline 10 & 80 & 4 & \$ 10 & \$ 40 \\\hline\end{array}$

• A) $130.
• B) $120.
• C) $110.
• D) $100.

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Definitions:

Lower Confidence Bound

The lower limit of a confidence interval, indicating the smallest value that, based on the data, might be considered a plausible estimate of a parameter.

Population Proportions

A statistical measure that represents the fraction or percentage of units in a population that possess a certain trait or characteristic.

Upper Confidence Bound

The upper limit of a confidence interval, indicating the maximum value within which a population parameter is expected to lie with a certain probability.

Population Proportions

The ratio of members in a population that have a particular attribute to the total number of members in the population.