Solved

The Table Below Shows a Competitive Firm's Short-Run Production Function Units of Labor  Units of Output33704490557066007620\begin{array}{cccc} \text {Units of Labor } & \text { Units of Output} \\3 &370\\4 &490\\5 &570\\6 &600\\7&620\\\end{array}

Question 56

Multiple Choice

The table below shows a competitive firm's short-run production function.Labor is the firm's only variable input,and market price for the firm's product is $2 per unit. Units of Labor  Units of Output33704490557066007620\begin{array}{cccc} \text {Units of Labor } & \text { Units of Output} \\3 &370\\4 &490\\5 &570\\6 &600\\7&620\\\end{array}

How much does the fifth unit of labor add to the firm's total revenue?


A) $160
B) $80
C) $60
D) $40
E) $10

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions