Table 17-4 Table 17-4 Lists Data for the Production of Apple IPods

question 180

Multiple Choice

Table 17-4

Table 17-4 lists data for the production of Apple iPods. Apple is assumed to be a price maker, so to increase its sales of iPods the firm must lower its price. MPL and MRPL refer to the marginal product of labor and the marginal revenue product of labor, respectively.
-Refer to Table 17-4.What are the price and quantity of workers that result in the maximum amount of profit Apple would earn from selling iPods?

• A)$140; 2
• B)$160; 2
• C)$140; 3
• D)$180; 1

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Definitions:

Pollution

The act of introducing harmful substances into the environment, leading to negative changes.

Marginal Social Cost

The cost to society of producing one additional unit of a good or service, considering both private costs and externalities.

Society

A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.

Goods And Services

The outputs offered in an economy for consumption, where goods are physical items and services are activities performed for others.