Table 18-3 -Refer to Table 18-3.This Table Describes the Number of Baseballs

question 293

Multiple Choice

Table 18-3

-Refer to Table 18-3.This table describes the number of baseballs a manufacturer can produce per day with different quantities of labor.Each baseball sells for $5 in a competitive market and the firm pays each unit of labor a wage equal to $320 per day.How many units of labor should the firm hire to maximize profit?

• A) 2 units
• B) 3 units
• C) 4 units
• D) 5 units

---

Definitions:

Analysis of Variance

A statistical method used to compare the means of three or more samples to see if at least one is significantly different from the others.

Path Analysis

A statistical technique used in social science to study the direct and indirect relationships between variables in a model.

Dependent Variable

In an experiment or study, the variable being tested and measured, expected to change as a result of variations in the independent variable.