Table 104 Table 104 Lists Data for the Production of Apple IPods

question 181

Multiple Choice

Table 10.4
$$\begin{array} { | c | c | c | c | c | c | c | } \hline \begin{array} { c } \text { Quantity of } \\\text { labour }\end{array} & \text { Output } & \boldsymbol { M P } _ { \mathbf { L } } & \text { Price } & \begin{array} { c } \text { Total } \\\text { Revenue }\end{array} & \boldsymbol { M R P } _ { \mathbf { L } } & \text { Wage } \\\hline 0 & 0 & - & \$ 200 & \$ 0 & - & \$ 500 \\\hline 1 & 6 & 6 & 180 & & & 500 \\\hline 2 & 11 & 5 & 160 & & & 500 \\\hline 3 & 15 & 4 & 140 & & & 500 \\\hline 4 & 18 & 3 & 120 & & & 500 \\\hline 5 & 20 & 2 & 100 & & & 500 \\\hline 6 & 21 & 1 & 80 & & & 500 \\\hline\end{array}$$ Table 10.4 lists data for the production of Apple iPods. Apple is assumed to be a price maker, so to increase its sales of iPods the firm must lower its price. MP_L and MRP_L refer to the marginal product of labour and the marginal revenue product of labour, respectively.
-Refer to Table 10.4.The price and quantity of workers that result in the maximum amount of revenue Apple would earn from selling iPods are _________,respectively.

• A) $180 and 1
• B) $140 and 2
• C) $120 and 2
• D) $120and 4

Understand cognitive processes and their development across the lifespan.

Comprehend the concept of resilience in human development.

Understand different theories and concepts related to aging and adolescent development.

Understand the concepts of surface-area-to-volume ratios and their effects on planet cooling.

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Definitions:

Partnerships

A lawful business structure involving two or more people who jointly manage and distribute earnings.

Proprietorships

A business structure owned by a single individual who is responsible for its liabilities and entitled to its profits.

Corporate Income Tax

A tax imposed on the net income or profit of corporations and other business entities.

Progressive

A tax system where the tax rate increases as the taxable amount increases, making it more burdensome for higher earners.