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. How many workers should the farmer hire?
A) 1
B) 2
C) 3
D) 4
Correct Answer:

Verified
Correct Answer:
Verified
Q63: Assume a firm purchases resources a and
Q64: If MP<sub>a</sub><sub> </sub>/ P<sub>a</sub><sub> </sub>= MP<sub>b</sub><sub> </sub>/
Q65: Which of the following statements is correct?<br>A)
Q66: The demand for labor would most likely
Q67: If a factor of production has many
Q69: The general rule for hiring any input
Q70: A firm is producing with the least-cost
Q71: Assume the price of capital falls relative
Q72: Elasticity of resource demand is measured by
Q278: A firm should reduce its employment of