The Table Given Below Shows the Total Revenue and Total

question 13

Multiple Choice

The table given below shows the total revenue and total cost of producing a commodity. Table 8.1

- In Table 8.1,the marginal revenue from the sixth unit of output is:

• A)$1,700.
• B)$1,600.
• C)$1,500.
• D)$1,300.
• E)$1,200.

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Definitions:

John Rawls

An American philosopher known for his theory of justice and contributions to political and moral philosophy.

Income Redistribution

The reallocation of income from certain individuals to others by means of a social mechanism such as taxation, charity, welfare, public services, land reforms, or monetary policies.

Utilitarian Justice

The idea that “a dollar in the hand of a rich person is worth less than a dollar in the hand of a poor person.” If the marginal utility of income declines with income, transferring income from the rich to the poor will increase total utility.

Human Capital

The economic value of a worker's experience and skills, including education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.