15)Refer to Table 17-1.The marginal product of the fourth unit of labor is
A) 300.B) 75.C) 60.D) 15.Answer: C15)Diff: 1Page Ref: 547/547Topic: Marginal Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Analytic Skills
16)Refer to Table 17-1.If the output price is $3, what is the marginal revenue product of the fifth unitof labor?
16)Diff: 2Page Ref: 547/547Topic: Marginal Revenue Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Analytic Skills
17)Refer to Table 17-1.Suppose the output price is $3. If the firm represented in the table ismaximizing its profit by hiring six workers, what is the wage rate?
17)Diff: 2Page Ref: 547/547Topic: The Demand for LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor markets
AACSB: Analytic Skills
6

18)Refer to Table 17-1.Suppose the output price is $3. If the wage rate is $90, what is theprofit-maximizing quantity of labor that the firm should hire?
18)Diff: 2Page Ref: 547/547Topic: The Demand for LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Analytic Skills

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- Spring '11
- Lee
- Economics, AACSB, marginal revenue product