The Widget Company Has the Following Production Function If Widgets Sell for $6 Each and the Wage Rate

question 54

Multiple Choice

The Widget Company has the following production function: $$\begin{array} { c c } \begin{array} { c } \text { Number of } \\\text { Workers }\end{array} & \begin{array} { c } \text { Number of } \\\text { Widgets Produced }\end{array} \\\hline 0 & 0 \\1 & 9 \\2 & 17 \\3 & 24 \\4 & 30 \\5 & 35\end{array}$$ If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire?

• A) 0
• B) 1
• C) 2
• D) 4

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Definitions:

Predicts Behavior

The ability of certain variables, traits, or conditions to indicate or determine future actions, reactions, or outcomes.

Objective Measures

Quantifiable methods of data collection used to gather unbiased, empirical evidence that is not influenced by personal feelings or opinions.

Personality Traits

Are enduring characteristics or qualities that describe consistent patterns in the way individuals think, feel, and behave.

Statistical Analysis

The process of collecting, exploring, and presenting large quantities of data to discover underlying patterns and trends.