The Following Data Show the Total Output for a Firm

question 86

Multiple Choice

The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital.Assume that the wage per unit of labour is $10 and the cost of the capital is $50.
TABLE 7-3
-Refer to Table 7-3.The average product of labour when the firm hires 3 units of labour is ________.The average product of labour when the firm hires 4 units of labour is ________.

• A)30; 33
• B)90; 132
• C)60; 42
• D)90; 222
• E)30; 90

Explain how international trade affects domestic prices and production levels.

Discuss the impact of exporting and importing goods on a nation's economic well-being.

Identify the factors that lead to differences in opportunity costs across nations.

Illustrate how international trade allows countries to specialize and increase overall consumption possibilities.

---

Definitions:

Cross-Functional Teams

Teams comprised of members from different departments or areas of expertise working together towards a common goal, facilitating innovation and problem-solving.

High Degree

A level of education or qualification that is considered advanced, usually a bachelor's degree or above.

Group Decision Making

It refers to the process by which a group of individuals come together to analyze problems, consider solutions, and agree upon a course of action.

Increased Member Commitment

A state where members of a group or organization show a higher level of dedication and loyalty towards achieving collective goals.