Author Question: The table below shows the total production for varying numbers of hours worked producing yo-yos. The ... (Read 36 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

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