If the Marginal Product of the Third Worker Employed by a Computer

question 105

Multiple Choice

If the marginal product of the third worker employed by a computer manufacturer is 50 computers,and the price of a computer is $500,the third worker's marginal revenue product is

• A) $50.
• B) $500.
• C) $25,000.
• D) It cannot be determined; more information is needed.

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Definitions:

Standard Deviation

Standard deviation is a measure of the dispersion or variation in a set of values, indicating how much the values deviate from the mean.

Sample Size

The number of observations or replicates included in a statistical sample, significant in determining the precision of an estimate or test.

Unbiased Estimator

A statistical estimator whose expected value is equal to the parameter being estimated, ensuring accuracy across an infinite number of samples.

Population Proportion

It is a measure that gives the fraction of individuals in the population having a particular attribute.