If the Total Product of Three Workers Is 214 Units

question 145

Multiple Choice

If the total product of three workers is 214 units and the total product of four workers is 221 units,then the marginal product of the fourth worker is

• A)71.3 units.
• B)55.25 units.
• C)7 units.
• D)62.14 units.
• E)1.75 units.

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Definitions:

Contingent Liability

A potential financial obligation that may arise in the future, depending on the outcome of a certain event.

Financial Statements

A set of formal documents tracking the financial activities, status, and cash flows of a business, providing insight into its financial health over a specified period.

Accrual

An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.

Interest Expense

The amount an entity pays for the use of borrowed funds throughout a certain duration.