Use the Following Information to Answer the Questions That Follow

question 75

Multiple Choice

Use the following information to answer the questions that follow.
Nicky L, owner of NLD Incorporated, knows that the marginal product of labor (MPL) for his workers can be defined as follows:
MPL = 32 - L
The total output a given level of workers can produce is found as:
Q = 32L - L²
He also knows that the price of his output is $3. His profits can be found as:
Profit = P × Q - W × L
-What wage would be required to allow Nicky L to hire the twenty-fifth worker?

• A) $3
• B) $7
• C) $21
• D) $125
• E) $25

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Definitions:

Corn Chips

Snack food made from cornmeal fried or baked in oil, often seasoned, known for their crunchiness and popular as a party snack.

French Fries

Sliced potatoes that are deep-fried until golden brown and are often served as a side dish.

Goods X

An unspecified product or commodity that is the subject of economic analysis or transaction.

Goods Y

A reference to a particular class or type of goods, often used in economic models.