The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets.
Number of
Hours Worked | Number of
Yo-Yos
Produced | Wage Rate
per Hour (S) | Price of Yo-Yos
($) |
| 10 | 60 | 10 | 5 |
| 11 | 70 | 10 | 5 |
| 12 | 78 | 10 | 5 |
| 13 | 84 | 10 | 5 |
| 14 | 88 | 10 | 5 |
| 15 | 90 | 10 | 5 |
TABLE 13-4
Refer to Table 13-4. Which of the following statements best describes the situation of this firm when it is employing 12 hours of labour? The 12th hour of labour hired
◦ adds $40 to revenue, but only costs $10 to hire, so this firm should hire more labour.
◦ adds $8 to revenue, but costs $10 to hire, so this firm should hire less labour.
◦ adds $30 to revenue, but only costs $10 to hire, so this firm should hire more labour.
◦ adds $10 to revenue and costs $10 to hire, so this firm is maximizing its profit at 12 hours of labour.
◦ adds $5 to revenue, but costs $10 to hire, so this firm should hire less labour.
Production efficiency.
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table
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