Multiple Choice
A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal product of the second worker is
A) 24.
B) 8.
C) 5.
D) 1
Correct Answer:

Verified
Correct Answer:
Verified
Q11: If the price of a resource is
Q12: A firm is hiring resources X,
Q13: The "least-cost combination of resources" to produce
Q14: Other things being equal, how would the
Q15: A profit-maximizing firm will use additional units
Q17: In which of the cases given below
Q18: Suppose a technological improvement increases the productivity
Q19: Two resource inputs, capital and labor, are
Q20: Assume labor is the only variable input
Q21: Other things being equal, the elasticity of