Author Question: The table below shows the total production for varying numbers of hours worked producing yo-yos. The ... (Read 66 times)

Mscarter · **on:** Oct 12, 2022

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 15 hours of labour? The 15th hour of labour hired
◦ adds $2 to revenue, but costs $10 to hire, so this firm should hire less labour.
◦ adds $50 to revenue, but only costs $10 to hire, so this firm should hire more labour.
◦ adds $20 to revenue, but only costs $10 to hire, so this firm should hire more labour.
◦ adds $5 to revenue, but costs $10 to hire, so this firm should hire less labour.
◦ adds $10 to revenue and costs $10 to hire, so this firm is maximizing its profit at 15 hours of labour.

hiyayyay · **Reply #1 on:** Oct 12, 2022

A FREE account is required to view all solutions!

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 29% of students answer this correctly