Solved

Use the Following to Answer Questions Table: Value of the Marginal\text {Table: Value of the Marginal}

Question 114

Multiple Choice

Use the following to answer questions : Table: Value of the Marginal\text {Table: Value of the Marginal}
Product of Labour at Demand\text {Product of Labour at Demand}

Quantity of LabourTotal Product0012025039041205140615071508140\begin{array} { cc}\hline \text {Quantity of Labour}&\text {Total Product}\\ \hline 0 & 0 \\ 1 & 20 \\ 2 & 50 \\ 3 & 90 \\ 4 & 120 \\ 5 & 140 \\ 6 & 150 \\ 7 & 150 \\ 8 & 140 \\\hline\end{array}
-(Table: Value of the Marginal Product of Labour and Demand) Use Table: Value of the Marginal Product of Labour and Demand.In the table,the total product of labour is shown for the hourly production of power cords.Assume that the market for power cords is perfectly competitive.If the price of a power cord is $2 and the market wage rate is $60 per hour,the profit-maximizing quantity of labour is _____ workers.


A) 0
B) 2
C) 4
D) 6

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents