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

question 476

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. If Harold and Maude pay their workers $80 per day and charge $20 per dance lesson, what is the value of the marginal product of the third worker?

• A)$400
• B)$800
• C)$1,000
• D)$1,600

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Definitions:

Work Scheduled

A detailed plan that outlines the tasks, timelines, and resources required to complete a project or job.

Metabolic Rate

The rate at which the body expends energy or burns calories.

Thin Person

An individual whose body shape is characterized by low amounts of body fat and lean muscle, often naturally or through lifestyle.

Large Person

A descriptive term that generally refers to an individual of greater than average body size or mass.