Using the following information, complete questions 12 - 15
A manufacturer of inexpensive toys operates in a city that offers significant tax benefits in order to entice new businesses to set up shop. The firm has the relationship between the number of workers per hour and the total product per hour shown in the following table. The relationship between output produced and per hour and the price at which it can be sold is also given. Assume that the cost of materials used in each toy is $.05. Because of local tax credits resulting from operating in this specific city, the firm's effect wage rate is $2.00 per hour.
-Given the above information, what is the firm's Arc Marginal Revenue Product of Labor?
A) 58.50, 14, 2.25, 1.00, .25
B) 58.50, 16, 3.75, 1.50, .75
C) 38.50, 24, 1.50, 1.00, .5
D) 38.50, 14, 2.25, 1.00, .25
E) none of the above

Question

Using the following information, complete questions 12 - 15
A manufacturer of inexpensive toys operates in a city that offers significant tax benefits in order to entice new businesses to set up shop. The firm has the relationship between the number of workers per hour and the total product per hour shown in the following table. The relationship between output produced and per hour and the price at which it can be sold is also given. Assume that the cost of materials used in each toy is $.05. Because of local tax credits resulting from operating in this specific city, the firm's effect wage rate is $2.00 per hour. 
-Given the above information, what is the firm's Arc Marginal Revenue Product of Labor?
A) 58.50, 14, 2.25, 1.00, .25 
B) 58.50, 16, 3.75, 1.50, .75 
C) 38.50, 24, 1.50, 1.00, .5 
D) 38.50, 14, 2.25, 1.00, .25 
E) none of the above

Quizplus · Accepted Answer

The Answer of Using the following information, complete questions 12 - 15
A manufacturer of inexpensive toys operates in a city that offers significant tax benefits in order to entice new businesses to set up shop. The firm has the relationship between the number of workers per hour and the total product per hour shown in the following table. The relationship between output produced and per hour and the price at which it can be sold is also given. Assume that the cost of materials used in each toy is $.05. Because of local tax credits resulting from operating in this specific city, the firm's effect wage rate is $2.00 per hour. 
-Given the above information, what is the firm's Arc Marginal Revenue Product of Labor?
A) 58.50, 14, 2.25, 1.00, .25 
B) 58.50, 16, 3.75, 1.50, .75 
C) 38.50, 24, 1.50, 1.00, .5 
D) 38.50, 14, 2.25, 1.00, .25 
E) none of the above

Using the Following Information, Complete Questions 12 - 15