Suppose That You Can Schedule a Worker for Up to 10

question 54

Multiple Choice

Suppose that you can schedule a worker for up to 10 hours per day.The total benefit and total cost functions are B(H) = 1200/ÖH and C(H) = 200H.The corresponding formulas for marginal benefit and marginal cost are MB(H) = 600/ÖH and MC(H) = 200.How many hours should you schedule the worker?

• A) 9 Hours
• B) 8 Hours
• C) 4 Hours
• D) 0 Hours

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Definitions:

Long Run

The Long Run is a period in economics during which all factors of production and costs are variable, allowing for adjustment to changing market conditions.

Fixed Amount

A specific, unchanging quantity of something.

Diminishing Returns

An economic principle that states as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot increase proportionally.

Negative Returns

A situation in which additional investment or effort results in a decrease in output or performance, contrary to typical expectations for growth or improvement.