Examlex

Solved

The Following Schedule Shows How Many Jars of Jaynie's Jam

question 49

Multiple Choice

The following schedule shows how many jars of Jaynie's Jam can be produced daily with various amounts of labor (assume that the jam is sold in a competitive price-taker market) . The following schedule shows how many jars of Jaynie's Jam can be produced daily with various amounts of labor (assume that the jam is sold in a competitive price-taker market) .   If Jaynie must pay each worker $65 per day and she can sell her jam for $10 per jar, how many workers should she hire if she wants to maximize profits? A) 3 B) 4 C) 5 D) 6
If Jaynie must pay each worker $65 per day and she can sell her jam for $10 per jar, how many workers should she hire if she wants to maximize profits?


Definitions:

Constant Minimum Proportion

An unwavering, smallest fraction or amount of something in relation to a whole.

Weber's Law

A principle stating that the change in a stimulus that will be just noticeable is a constant ratio of the original stimulus.

Stimuli

External agents, objects, or events that invoke reactions or responses from organisms, including physical, chemical, and biological factors.

Sensory Adaptation

A neurological phenomenon by which individuals become less sensitive to unchanging environmental stimuli over time.

Related Questions