Author Question: The table below shows the total production for varying numbers of hours worked producing yo-yos. The ... (Read 56 times)

krabuske · **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. If plotted on a graph, the marginal revenue product curve for the "number of hours worked" would be the same as
◦ the firm's demand curve for hours worked, and would be downward sloping and linear.
◦ the firm's marginal revenue curve, and would be horizontal at $5 because this firm is operating in a competitive labour market.
◦ the firm's demand curve for yo-yos, and would be downward sloping and linear.
◦ the firm's marginal product curve, and would be downward sloping and convex to the origin.
◦ the firm's marginal product curve, and would be downward sloping and concave to the origin.

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

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