(Table: Labor and Quantity of Output) the Table Shows the Production

question 105

Multiple Choice

(Table: Labor and Quantity of Output) The table shows the production function for a firm using a given amount of capital. If the price of the product is $15 each, which answer table would best represent the firm's value of the marginal revenue product of labor?
$\begin{array}{|c|c|}\hline \text { Units of Labor } & \begin{array}{c}\text { Quantity of } \\\text { Output }\end{array} \\\hline 1 & 20 \\\hline 2 & 28 \\\hline 3 & 35 \\\hline 4 & 41 \\\hline 5 & 44 \\\hline 6 & 35 \\\hline\end{array}$

• A) \(\begin{array}{|c|c|c|}
• \hline \begin{array}{c}
• \text { Units of } \\
• \text { Labor }
• \end{array} & \begin{array}{c}
• \text { Quantity of } \\
• \text { Output }
• \end{array} & \begin{array}{c}
• \text { Marginal } \\
• \text { Revenue } \\
• \text { Product of } \\
• \text { Labor }
• \end{array} \\
• \hline 1 & 20 & 200 \\
• \hline 2 & 28 & 80 \\
• \hline 3 & 35 & 70 \\
• \hline 4 & 41 & 60 \\
• \hline 5 & 44 & 30 \\
• \hline 6 & 35 & -90 \\
• \hline
• \end{array}\)
• B)

Recognize the implications of taxes for both employers and employees, including FICA, federal, and state income taxes.

Determine gross pay and the impact of overtime on wages.

Analyze the costs associated with employing individuals beyond their gross wages.

Comprehend the regulatory requirements for payroll, including Workers' Compensation and FICA.

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