A firm's resource input, total output of labor, and product price schedules are given in the table. If labor is the only variable input, how much labor should the firm employ if the wage rate is $15 per day? $\begin{array} { | c | c | c| }

\hline\text { Urits of Lab or } &\text { Total } &\text { Price of Good }\
&\text { Output/Day }& ( \$ ) \
\hline 2 & 20 & \$ 10 \
\hline 3 & 30 & 9 \
\hline 4 & 38 & 8 \
\hline 5 & 46 & 7 \
\hline 6 & 54 & 6 \
\hline 7 & 62 & 5 \
\hline
\end{array}$
A) 3 units
B) 4 units
C) 6 units
D) 5 units

Question

A firm's resource input, total output of labor, and product price schedules are given in the table. If labor is the only variable input, how much labor should the firm employ if the wage rate is $15 per day? $\begin{array} { | c | c | c| }

\hline\text { Urits of Lab or } &\text { Total } &\text { Price of Good }\
&\text { Output/Day }& ( \$ ) \
\hline 2 & 20 & \$ 10 \
\hline 3 & 30 & 9 \
\hline 4 & 38 & 8 \
\hline 5 & 46 & 7 \
\hline 6 & 54 & 6 \
\hline 7 & 62 & 5 \
\hline
\end{array}$
A) 3 units
B) 4 units
C) 6 units
D) 5 units

Quizplus · Accepted Answer

The Answer of A firm's resource input, total output of labor, and product price schedules are given in the table. If labor is the only variable input, how much labor should the firm employ if the wage rate is $15 per day? $\begin{array} { | c | c | c| }

\hline\text { Urits of Lab or } &\text { Total } &\text { Price of Good }\
&\text { Output/Day }& ( \$ ) \
\hline 2 & 20 & \$ 10 \
\hline 3 & 30 & 9 \
\hline 4 & 38 & 8 \
\hline 5 & 46 & 7 \
\hline 6 & 54 & 6 \
\hline 7 & 62 & 5 \
\hline
\end{array}$
A) 3 units
B) 4 units
C) 6 units
D) 5 units

A Firm's Resource Input, Total Output of Labor, and Product