Table 11.5 Units of Variable Resource Total Product Product Price ($) 0 0 22 1 15 20 2 29 18 3 42 16 4 54 14 5 65 12 6 75 10 7 84 8 8 92 6 9 99 4 10 105 2 Refer to Table 11.5, which shows data for a firm. The first column shows the number of variable resources employed in production, the second column shows firm’s total product, and the third column shows its product price. If the firm decides to hire five units of resource, then the market price paid to the resource is _____ Group of answer choices $74. $34. $100. $24. $54.
Table 11.5 Units of Variable Resource Total Product Product Price ($) 0 0 22 1 15 20 2 29 18 3 42 16 4 54 14 5 65 12 6 75 10 7 84 8 8 92 6 9 99 4 10 105 2 Refer to Table 11.5, which shows data for a firm. The first column shows the number of variable resources employed in production, the second column shows firm’s total product, and the third column shows its product price. If the firm decides to hire five units of resource, then the market price paid to the resource is _____ Group of answer choices $74. $34. $100. $24. $54.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Table 11.5
|
Units of Variable Resource |
Total Product |
Product |
|
0 |
0 |
22 |
|
1 |
15 |
20 |
|
2 |
29 |
18 |
|
3 |
42 |
16 |
|
4 |
54 |
14 |
|
5 |
65 |
12 |
|
6 |
75 |
10 |
|
7 |
84 |
8 |
|
8 |
92 |
6 |
|
9 |
99 |
4 |
|
10 |
105 |
2 |
Refer to Table 11.5, which shows data for a firm. The first column shows the number of variable resources employed in production, the second column shows firm’s total product, and the third column shows its product price. If the firm decides to hire five units of resource, then the market price paid to the resource is _____
Group of answer choices
$74.
$34.
$100.
$24.
$54.
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