Answer the Question on the Basis of the Following Information

question 71

Multiple Choice

Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor.Assume Manfred hires labor,its only variable input,under purely competitive conditions.Shoe shines are also sold competitively. $\begin{array}{c}\begin{array}{c} \text {Units of}\\\underline{\text {Labor}}\\0\\1\\2\\3\\4\\5\\6\\7\end{array}\begin{array}{c}\text {Total}\\\underline{\text {Product}}\\0\\14\\\\30\\35\\39\\\\44\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Product}}\\\\14\\10\\\\\\\\\\2\end{array}\begin{array}{c}\text {Total}\\\underline{\text {Revenue}}\\\\\$ 42 \\\\90\\\\117\\126\\132\end{array}\end{array}$
Refer to the given data.If the wage rate is $11,how many workers will Manfred hire to maximize profits?

• A) 1.
• B) 2.
• C) 3.
• D) 5.

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Definitions:

Pulmonary Capillaries

Tiny blood vessels surrounding alveoli in the lungs where Gas exchange of oxygen and carbon dioxide occurs.

Partial Pressure

The pressure a single gas in a mixture contributes to the total pressure, based on its proportion in the mixture.

Ventilation

Process of moving air into and out of the lungs; breathing.

External Respiration

Exchange of oxygen and carbon dioxide between alveoli of the lungs and blood.