If the Average Product of Labor Is 150 Bushels of Wheat

question 46

Multiple Choice

If the average product of labor is 150 bushels of wheat when three workers farm an acre of land and the marginal product of the fourth worker is 75 bushels,then the total output with four workers is _____ bushels.

• A)225
• B)50
• C)525
• D)675

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Definitions:

Nonrandom Component

The portion of variability in data that is attributable to specific, deterministic causes, as opposed to random variation.

Simple Random Sample

A subset of individuals chosen from a larger set, where each member has an equal chance of being selected.

Associated Population

The group of all elements or individuals that share one or more characteristics, from which a sample may be drawn for a statistical study.

Statistic

A characteristic or measure obtained by using the data values from a sample.