A Firm's Resource Input, Total Output of Labor, and Product

question 155

Multiple Choice

A firm's resource input, total output of labor, and product price schedules are given in the table. If labor is the only variable input, how much labor should the firm employ if the wage rate is $15 per day? $\begin{array} { | c | c | c| } \hline\text { Urits of Lab or } &\text { Total } &\text { Price of Good }\\&\text { Output/Day }& ( \$ ) \\\hline 2 & 20 & \$ 10 \\\hline 3 & 30 & 9 \\\hline 4 & 38 & 8 \\\hline 5 & 46 & 7 \\\hline 6 & 54 & 6 \\\hline 7 & 62 & 5 \\\hline\end{array}$

• A) 3 units
• B) 4 units
• C) 6 units
• D) 5 units

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Definitions:

Semi Fowlers

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