A small firm employs only 5 workers. 4 workers produce a total of 154 units of output. With the addition of the 5th worker, output increases by 50 units. What is the total output of the firm?
A) 50 units.
B) 204 units.
C) 104 units.
D) 100 units.
Correct Answer:
Verified
Q2: A firm's output increases from 1760 units
Q3: When the marginal product of a factor
Q4: Which one of the following statements is
Q5: If the total output of the firm
Q6: As long as the average variable cost
Q8: A firm's marginal cost of production is
Q9: A variable cost of production is one
Q10: When the quantity of labor is increased
Q11: The marginal cost curve cuts the average
Q12: The law of diminishing returns shows that,
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