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
-Refer to Table 5-1. What is the total revenue that accrues to the firm when it employs 4 workers?
A) $36
B) $112
C) $100
D) $60
E) $82
Correct Answer:
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Q1: The following table shows the total
Q2: Firm X sells output at a price
Q3: What does the law of diminishing marginal
Q4: A firm's production function shows:
A) the maximum
Q6: The marginal product of labor initially rises
Q7: The following table shows the total
Q8: Which of the following is true in
Q9: When a firm faces constant returns to
Q10: The short-run is best defined as the
Q11: A profit-maximizing firm will hire the variable
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