Table 11.2.1 -Refer to Table 11.2.1 Which Gives Tania's Total Product Schedule

question 141

Multiple Choice

Table 11.2.1

-Refer to Table 11.2.1 which gives Tania's total product schedule. The marginal product when the firm increases the number of workers from 3 to 4 per day is

• A)6 teapots.
• B)2 teapots.
• C)9 teapots.
• D)7 teapots.
• E)4 teapots.

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Definitions:

Breakeven Price

the price level at which total costs equal total revenue, indicating no profit or loss for the business.

Price Elasticity

A measure of how much the quantity demanded of a good changes in response to a change in its price.

Revenue

The total income generated from normal business operations, such as sales of goods or services, before any expenses are deducted.

Firm Increases Price

A strategic decision by a company to raise the selling prices of its products or services, possibly due to increased costs or in response to high demand.