The Following Table Shows Output Per Hour Produced by the Different

question 47

Multiple Choice

The following table shows output per hour produced by the different units of labor.Table 14.1
The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.
-According to Table 14.1, if the wage rate is $9 per hour, how many workers should this firm hire?

• A)1
• B)5
• C)4
• D)2

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Definitions:

Merit Pay

Compensation added to an employee's base pay based on performance, aimed at rewarding excellence and encouraging high productivity.

Cost Of Living

The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare.

Performance

The level at which an individual, group, or system executes tasks and responsibilities, often measured against pre-set standards.

Graphic Rating Scales

A method used in performance appraisals where employees are scored on a continuum for various performance factors.