Table 18-8 Harold and Maude Own a Dance Studio Where They and They

question 175

Multiple Choice

Table 18-8
Harold and Maude own a dance studio where they and their employees teach ballroom dancing. Their company is a competitive, profit-maximizing firm. Harold and Maude's production function is detailed in the table below.
-Refer to Table 18-8. What is the marginal product of the third worker?

• A)220 students
• B)73.33 students
• C)50 students
• D)30 students

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Definitions:

Graduate Management Admission Test

A standardized test used by business schools as part of the admissions process, assessing analytical, writing, quantitative, verbal, and reading skills in written English.

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A spread of statistical figures, obtained by analyzing samples, seen as encompassing the unseen value of a population parameter.

Standard Deviation

An index to assess the range of fluctuation or deviation in a series of numbers.

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The total revenue or units sold by a business during a single day.