Answer the Question on the Basis of the Following Information

question 34

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.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:

Finite Population Correction

An adjustment made to statistical calculations like the standard error when sampling from a finite population, to account for the decreased variability expected in such samples.

Population Size

The total number of individuals or units in the group or set being studied.

Sample Size

This term refers to the number of observations or replicates used in a statistical analysis.

Central Limit Theorem

A statistical theory stating that the distribution of sample means approximates a normal distribution as the sample size becomes large, regardless of the population's distribution.