-According to the Above Table, If the Price of the Good

question 318

Multiple Choice

-According to the above table, if the price of the good produced is $5 and the wage rate is $400, then the marginal revenue product of the 7th worker is

• A) $300.
• B) $60.
• C) $12.
• D) $400.

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Definitions:

Graphs

Visual representations of data that help to illustrate relationships among variables, usually plotted on two-dimensional axes.

Nominal Data

Data that is categorized based on names or labels without a specific order.

Relative Frequencies

The ratio of the frequency of a particular event to the total number of occurrences or samples.

Frequency Chart

A visual representation of data that shows the frequency or number of occurrences of each possible value of a variable.