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

question 125

Multiple Choice

Based on the table below, how many workers will the firm employ in order to maximize profits? $$\begin{array}{l}\begin{array} { c c c c } \text { workers } & \text { Output } & \text { Product Price } & \text { Wage Rate } \\\hline 8 & 100 & \$ 28 & \$ 375 \\9 & 130 & \$ 28 & \$ 400 \\10 & 162 & \$ 28 & \$ 425 \\11 & 192 & \$ 28 & \$ 450 \\12 & 220 & \$ 28 & \$ 475 \\13 & 246 & \$ 28 & \$ 500 \\14 & 270 & \$ 28 & \$ 25\end{array}\end{array}$$

• A)10
• B)11
• C)12
• D)13
• E)14

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Definitions:

Supply Curves

Graphical representations that show the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Demand Curves

Graphical representations showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase.

Satisfies Consumer Wants

The fulfillment of consumer desires and needs through the provision or consumption of goods and services.

Utility

In economics, utility refers to the satisfaction or pleasure derived from consuming goods or services.