Use the Table Below to Answer the Question That Follows

question 22

Essay

Use the table below to answer the question that follows.
Claire's Pool Service $$\begin{array} { | c | c | c | c | } \hline \text { Units of Labor } & \text { Output per Week } & \text { Marginal Product } & \text { Marginal Revenue } \\\hline 1 & 20 & 20 & \\\hline 2 & 30 & 10 & \\\hline 3 & 38 & 8 & \\\hline 4 & 42 & 4 & \\\hline 5 & 44 & 2 & \\\hline\end{array}$$ Price of a unit of output: $80.
Cost to Claire's Pool Service of hiring one more unit of labor: $300 per week.
Fill in the marginal revenue column,and tell how many units of labor Claire will hire (assuming she has to hire whole units of labor,not fractions).

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Definitions:

Obtained Value

In statistics, the actual value measured or calculated during an experiment or study.

Null Hypothesis

A statement in hypothesis testing that there is no significant difference between specified populations, any observed difference being due to sampling or experimental error.

T Test

A statistical method that evaluates whether there is a significant difference between the averages of two distinct groups.

Research Hypothesis

A statement predicting a significant relationship or effect between variables, often tested against the null hypothesis.