Based on the Table Below, How Many Workers Will the Firm

question 62

Multiple Choice

Based on the table below, how many workers will the firm employ in order to maximize profits? $$\begin{array} { c c c c } \text { Workers } & \text { Output } & \text { Product Price } & \text { Wage Rate } \\\hline 10 & 400 & \$ 20 & \$ 450 \\11 & 450 & \$ 19 & \$ 450 \\12 & 505 & \$ 18 & \$ 450 \\13 & 555 & \$ 17 & \$ 450 \\14 & 600 & \$ 16 & \$ 450 \\15 & 640 & \$ 15 & \$ 450 \\16 & 675 & \$ 14 & \$ 50\end{array}$$

• A)12
• B)13
• C)14
• D)15
• E)16

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Definitions:

Sample Size

The number of observations or data points collected in a statistical study.

Preliminary Sample

An initial sample drawn from a population, often used to test procedures or make preliminary estimates before a larger study.

Interval Estimate

An estimate of a population parameter that provides a range of values within which the parameter is expected to lie, often associated with a specific confidence level.

Estimated σ

Approximation of the standard deviation (σ), a measure of the dispersion or variation of a distribution.