-Suppose a factory can be designed to produce either trucks or cars. The figure above shows the marginal cost and marginal benefit of producing trucks in terms of the forgone cars.
a) What is the marginal benefit of the 25th truck?
b) What is the marginal cost of the 25th truck?
c) Should the 25th truck be produced? Why or why not.
d) What is the marginal benefit of the 75th truck?
e) What is the marginal cost of the 75th truck?
f) Should the 75th truck be produced? Why or why not?
g) What is the allocatively efficient quantity of trucks?
Definitions:
Work Motivation
The drive, energy, and commitment employees have towards achieving work-related goals.
Managing
The act of planning, organizing, leading, and controlling resources and activities to achieve specific goals.
Expectancy Theory
A motivational theory suggesting that people are driven to act in a certain way based on the expectation that their actions will lead to a desired outcome.
Motivation
The psychological forces that determine the direction of a person's behavior in an organization, a person's level of effort, and a person's level of persistence.
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