Table 124 Table 12

question 174

Multiple Choice

Table 12.4 Table 12.4 lists data for the production of Apple iPods.Apple is assumed to be a price maker, so to increase its sales of iPods the firm must lower its price.MP_L and MRP_L refer to the marginal product of labour and the marginal revenue product of labour, respectively.
-Refer to Table 12.4.The price and quantity of workers that result in the maximum amount of revenue Apple would earn from selling iPods are

• A)$180; 1
• B)$140; 2
• C)$120; 2
• D)$120; 4

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Definitions:

Dependent Events

Events whose probability of occurring is influenced by the occurrence of another event.

Mutually Exclusive

Refers to a situation where the occurrence of one event means the other cannot occur.

Independent

A term in statistics that describes two or more events that do not affect each other's outcomes.

Multiplicative Rule

In probability, a rule that calculates the probability of two independent events occurring together by multiplying the probability of each event.