A farm is able to produce 9,000 pints of strawberries per season on 10 acres. It adds one more acre and is able to produce 12,000 pints per season. The marginal product of land for this farm is:
a. 900 pints per acre per year.
b. 1,000 pints per acre per year.
c. 3,000 pints per acre per year.
d. 12,000 pints per acre per year.
c
Economics
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What will be an ideal response?
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A statistical discrepancy
a. exists because data sources are not perfect, so measures of expenditures and income are not equal. b. insures that GDP will approximately equal GNP. c. explains the close association between GDP and quality of life measures such as literacy and life expectancy. d. explains the inadequacy of GDP in capturing the value of leisure and the value of a clean environment.
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