Consider the Following Production and Cost Schedule for a Firm

question 60

Multiple Choice

Consider the following production and cost schedule for a firm.The first column shows the number of units of a variable factor of production employed by the firm.
TABLE 13-1
-Refer to Table 13-1.The marginal product of the 12th unit of the factor of production is

• A)4.
• B)14.
• C)20.
• D)44.
• E)64.

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Definitions:

Interest Charges

Costs incurred for borrowing money, calculated as a percentage of the principal amount loaned.

Account Payable

An obligation of a company to pay a short-term debt to its creditors or suppliers.

Deductions

Amounts subtracted from gross income or revenue to calculate net income or taxable income, including expenses, allowances, and discounts.

Employee Receivables

Amounts owed to a company by its employees, often due to overpayment or advancements.