Assume Manfred's Shoe Shine Parlor Hires Labor, Its Only Variable

question 163

Multiple Choice

Assume Manfred's Shoe Shine Parlor hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. $\begin{array} {| c | c | c | c|} \text { Units of Labor } & \text { Total Product } & \begin{array} { c } \text { Marginal } \\\text { Product }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue }\end{array} \\\hline 0 & 0 & & \\\hline 1 & 14 & 14 & \$ 42 \\\hline 2 & & 10 & \\\hline 3 & 30 & & 90 \\\hline 4 & 35 & & \\\hline 5 & 39 & & 117 \\\hline 6 & & & 126 \\\hline 7 & 44 & 2 & 132 \\\hline\end{array}$ How many units of output are produced when 2 workers are employed?

• A) 4
• B) 16
• C) 24
• D) 10

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Definitions:

Neurons

Nerve cells that are the basic building blocks of the nervous system, responsible for receiving sensory input from the external world, processing and transmitting information through electrical and chemical signals.

Signal Detection

Signal detection is a technique used to identify the presence of a stimulus or signal in the midst of noise, emphasizing the ability to differentiate between information-bearing patterns and random patterns.

Psychophysical Techniques

Methods used to study the relationship between physical stimuli and the sensations and perceptions they produce, often focusing on thresholds and sensory capacities.

Decision Making

is the cognitive process of selecting a course of action from among multiple alternatives.