-How Many Units of Land Would You Hire

question 61

Short Answer

$\begin{array} { c c c c c c } \begin{array} { c } \text { Units } \\\text { of } \\\text { Land }\end{array} & \begin{array} { c } \text { MRP } \\\text { of } \\\text { Land }\end{array} & \begin{array} { c } \text { Units } \\\text { of } \\\text { Capital }\end{array} & \begin{array} { c } \text { MRP of } \\\text { Capital }\end{array} & \begin{array} { c } \text { Units } \\\text { of } \\\text { Labor }\end{array} & \begin{array} { c } \text { MRP of } \\\text { Labor }\end{array} \\1 & \$ 40 & 1 & \$ 29 & 1 & \$ 14 \\2 & 38 & 2 & 28 & 2 & 13 \\3 & 34 & 3 & 25 & 3 & 11 \\4 & 25 & 4 & 18 & 4 & 9 \\5 & 15 & 5 & 10 & 5 & 6 \\6 & 2 & 6 & 6 & 6 & 4 \\7 & 0 & 7 & 2 & 7 & 2 \\\end{array}\\~~~~~~~\text { Rent } = \$ 15 ~~~~~~~~~~~~~~~~~~~~ \text { Interest } = \$ 18 ~~~~~~~~~~~~~~~~~ \text { Wage rate } = \$ 4$
-How many units of land would you hire?

---

Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.