Let L Represent the Number of Workers Hired by a Firm

question 129

Multiple Choice

Let L represent the number of workers hired by a firm and let Q represent that firm's quantity of output.Assume two points on the firm's production function are (L = 12,Q = 122) and (L = 13,Q = 132) .What is the marginal product of the 13th worker

• A)8 units of output
• B)10 units of output
• C)122 units of output
• D)130 units of output

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Definitions:

Net Sales

The sum of sales income left over after subtracting returns, allowances for damaged or missing goods, and discounts.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor expenses.

Income Statement

It's a financial statement that shows a company's revenues, expenses, and profits or losses over a specific period.

Board of Directors

A group of elected individuals who represent shareholders and oversee the major decisions and policies of a corporation.