Solved

Consider the Following Production and Cost Schedule for a Firm

Question 117

Multiple Choice

Consider the following production and cost schedule for a firm.The first column shows the number of units of a variable factor of production employed by the firm.  Total Number of  Units of the Factor  Total Number of  Units of Output  Price per Unit  of Output  Total Cost  of Production 212$10$50320$9$55426$8$60530$7$65632$6$70732$5$75\begin{array} { | c | l | l | c | } \hline \begin{array} { c } \text { Total Number of } \\\text { Units of the Factor }\end{array} & \begin{array} { c } \text { Total Number of } \\\text { Units of Output }\end{array} & \begin{array} { l } \text { Price per Unit } \\\text { of Output }\end{array} & \begin{array} { c } \text { Total Cost } \\\text { of Production }\end{array} \\\hline 2 & 12 & \$ 10 & \$ 50 \\\hline 3 & 20 & \$ 9 & \$ 55 \\\hline 4 & 26 & \$ 8 & \$ 60 \\\hline 5 & 30 & \$ 7 & \$ 65 \\\hline 6 & 32 & \$ 6 & \$ 70 \\\hline 7 & 32 & \$ 5 & \$ 75 \\\hline\end{array} TABLE 13- 3
-Refer to Table 13- 3.The total revenue obtained if the 5th unit of the factor of production is hired is


A) $192.
B) $210.
C) $160.
D) $180.
E) $202.

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