The Following Table Shows Total Output Produced by Different Units

question 71

Multiple Choice

The following table shows total output produced by different units of capital. Table 14.3
The marginal revenue product of a resource is the product of the marginal product of the resource and the marginal revenue.
In Table 14.3, how many units of capital will the firm hire if the price per unit of capital is $60?

• A)1 unit of capital.
• B)2 units of capital.
• C)3 units of capital.
• D)4 units of capital.
• E)5 units of capital.

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Definitions:

Volcanic Glass

A shiny and smooth rock formed when molten lava cools rapidly without crystallizing.

Cooling

The process of losing heat, leading to a decrease in temperature; can refer to geologic formations solidifying from molten states.

Felsic Crystals

Refers to light-colored minerals rich in elements such as aluminum, potassium, silicon, and sodium, commonly found in continental crust rocks.

Mafic Crystals

Minerals rich in magnesium and iron that crystallize from basaltic magmas, typically dark in color.