Table 13-2
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-Refer to Table 13-2

question 149

Multiple Choice

Table 13-2
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$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Labor } \\\text { (Number of workers) }\end{array} & \begin{array} { c } \text { Output } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Marginal Product } \\\text { (Units) }\end{array} \\\hline 0 & 0 & - \\\hline 1 & 300 & \\\hline 2 & 500 & \\\hline 3 & 600 & \\\hline 4 & 650 & \\\hline\end{array}$$ ​
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-Refer to Table 13-2. What is the marginal product of the first worker?

• A)300 units
• B)200 units
• C)100 units
• D)50 units

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Definitions:

Utility

An indicator of pleasure or contentment obtained by customers from using products or services.

Risk Averse

A description of an individual's or entity's preference to avoid risk, favoring certainty in investment or economic decisions.

Expected Utility

A concept in economics that calculates the utility expected from different outcomes, taking into account their probabilities.