A Firm Can Sell Its Output for $40 Per Unit

question 88

Multiple Choice

A firm can sell its output for $40 per unit. When it increases its labour force from 4 workers to 5 workers, its output increases from 15 to 17 units. The value of marginal product of the 5th worker is

• A)$80.
• B)$40.
• C)$600.
• D)$680.
• E)$136.

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Definitions:

Learning

The process of acquiring new understanding, knowledge, behaviors, skills, values, or preferences through study, experience, or teaching.

Biological Approach

A perspective in psychology and neuroscience that emphasizes understanding behavior and cognition through biological processes and structures.

Heritability

The proportion of variance in a particular trait within a population that is attributable to genetic differences among individuals.

Free Will

The concept that humans have the capacity to choose and act upon their own decision making, free from predestination or determinism.