Use the Following to Answer Questions $\text {Table: Value of the Marginal}$

question 95

Multiple Choice

Use the following to answer questions : $\text {Table: Value of the Marginal}$
$\text {Product of Labour at Demand}$

$\begin{array} { cc}\hline \text {Quantity of Labour}&\text {Total Product}\\ \hline 0 & 0 \\ 1 & 20 \\ 2 & 50 \\ 3 & 90 \\ 4 & 120 \\ 5 & 140 \\ 6 & 150 \\ 7 & 150 \\ 8 & 140 \\\hline\end{array}$
-(Table: Value of the Marginal Product of Labour and Demand) Use Table: Value of the Marginal Product of Labour and Demand.In the table,the total product of labour is shown for the hourly production of power cords.Assume that the market for power cords is perfectly competitive.The price of a power cord is $2,the market wage rate is $40 per hour,and 8 workers are hired.Profit can be maximized by hiring _____ worker(s) .

• A) 1 more
• B) 2 more
• C) 1 fewer
• D) 3 fewer

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Definitions:

Sales Capacity

The maximum volume or number of sales that a company can achieve within a specific period, considering its resources and constraints.

Future Sales

The anticipated revenue from goods or services that will be sold in a future period, often based on contracts, orders, or market analysis.

Null Hypothesis

A default assumption that no difference or effect exists among groups being studied or variables being tested.

Test Statistic

A numerical value calculated from sample data, used in statistical hypothesis testing to determine the likelihood of a hypothesis.