The Following Table Shows Output Per Hour Produced by the Different

question 111

Multiple Choice

The following table shows output per hour produced by the different units of labor. Table 28.1
The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.
According to Table 28.1, if the wage rate is $9 per hour, how many workers should this firm hire?

• A)1
• B)5
• C)4
• D)2

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Definitions:

Increase in Supply

A situation where the quantity of a product that producers are willing and able to sell at various prices rises, often due to factors like technological advancements or decreased production costs.

Quantity Supplied

The total number of units of a good or service that sellers are willing and able to sell at a particular price over a specified period.

Point A to B

A phrase commonly used to describe the process or path taken from one position or situation to another, often implying a change in state or location.

Price of Oranges

The amount of money required to purchase a specific quantity of oranges in a given market.