The Total Physical Output of a Number of Machines or Workers

question 48

Multiple Choice

The total physical output of a number of machines or workers is called physical productivity and is a function of the number of machines or workers. If is the productivity, is the marginal physical productivity. If the marginal physical productivity for bricklayers is , where P is the number of bricks laid per day and x is the number of bricklayers, find the physical productivity of 5 bricklayers. (Note: when .) ​

• A) 88,330 bricks laid per day
• B) 719,114 bricks laid per day
• C) 715,550 bricks laid per day
• D) 68,255 bricks laid per day
• E) 552,925 bricks laid per day

Analyze the effect of price elasticity of demand and supply on the burden of a tax.

Calculate the tax burden on buyers and sellers in a market.

Determine the price paid by buyers and received by sellers after the imposition of a tax.

Describe the effects of a price floor and a price ceiling on market equilibrium.

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Definitions:

Checks Written

Refers to checks that a company or individual has written and issued but which have not yet been cashed or cleared through the banking system.

NSF Check

A check that cannot be processed because the account it is drawn on does not have sufficient funds.

Outstanding Checks

Checks recorded in the checkbook register that have not yet been processed or debited by the banking institution.

Checks Cleared

The process by which banks verify and process the transfer of funds from the check writer's account to the recipient's account.