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Question
Table 11-1| Number of Workers | Mushrooms per Day (pounds) |
| 1 | 12 |
| 2 | 30 |
| 3 | 45 |
| 4 | 50 |
| 5 | 54 |
| 6 | 56 |
Refer to Table 11-1. What is the average product of labor when the farm hires 5 workers?
A) 4 pounds
B) 10.8 bushels
C) 38.2 pounds
D) 54 pounds
Answer
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Related questions
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If a firm in a perfectly competitive industry introduces a lower-cost way of producing an existing product, the firm will be able to earn economic profits in the long run.
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Which of the following describes a difference between allocative efficiency and productive efficiency in a perfectly competitive market?
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Suppose two countries use different combinations of inputs, such as labor and capital, to produce the same product. This implies all of the following except that
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B) the relative input prices.
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B) is equivalent to minimizing cost for a given level of output.
C) necessitates using only relatively low-priced inputs.
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Which of the following would be categorized as an opportunity cost?
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b. the cost of purchasing supplies for your house-cleaning business
c. the cost of purchasing auto insurance for your dry-cleaning delivery business
A) a only
B) a and c only
C) b and c only
D) all of the above