The Following Table Shows the Total Output Per Hour Produced

question 17

Multiple Choice

The following table shows the total output per hour produced in a factory at various levels of employment of labor. The firm sells each unit of output at $2 and each worker is paid a wage of $12.
Table 5-1
$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Nurnber of } \\\text { workers }\end{array} & \text { Total output } \\\hline 1 & 8 \\\hline 2 & 18 \\\hline 3 & 30 \\\hline 4 & 41 \\\hline 5 & 50 \\\hline 6 & 55 \\\hline 7 & 59 \\\hline 8 & 61 \\\hline 9 & 62 \\\hline\end{array}$
-Refer to Table 5-1. What is the marginal profit of the 2nd worker?

• A) $24
• B) $20
• C) $12
• D) $8
• E) $0

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Definitions:

Degrees Of Freedom

The number of independent values or quantities that can vary in an analysis without violating any constraints.

Expected Frequencies

The frequencies that are theoretically predicted based on a probability distribution or certain assumptions in statistical analysis.

Expected Frequencies

The predicted counts in each category of a contingency table under the assumption that no association exists between variables.

Fisher's Exact Test

Chi-square statistic used if any of the expected frequencies in a sample of data are less than 5.