The Following Table Shows the Total Output Produced by Different

question 60

Multiple Choice

The following table shows the total output produced by different units of a resource.Assume that the resource and output markets are both perfectly competitive.The equilibrium price of the resource is $15.00, and the equilibrium price of the product is $0.50. Table 28.2
Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
Refer to Table 28.2.What is the marginal-factor cost for the third unit of the resource?

• A)$13.00
• B)$15.00
• C)$17.50
• D)$195.00
• E)$19.50

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Definitions:

Confidence Interval

A scope of values, extracted from sample observations, which is anticipated to hold the value of a hidden population parameter.

Sample Size

The tally of data points or observations obtained from a segment of a larger population in a sample.

Jail Time

The period an individual is required to spend in prison as a consequence of a crime they have been convicted of.

Margin of Error

An estimate of the amount of possible error in the results of a survey or poll, often expressed as a percentage.