Refer to the below table. The marginal revenue product of the fourth unit of input is approximately:
A. $27
B. $21
C. $16
D. $13
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The reason that it is possible for the economy in the above figure to be at equilibrium point E2 rather than at equilibrium point E1 is that
A) in the long run there is always less than full employment. B) in the short run the economy can produce more than it can in a long-run situation. C) AD always shifts rightward and never shifts leftward. D) the economy must be in a recession.
Time series data should be stored:
A. with the earliest time period listed as the first observation, and the most recent time period as the last observation. B. with the earliest time period listed as the last observation, and the most recent time period as the first observation. C. with the time period in which the concerned variable takes the highest value listed as the first observation, and the time period in which the concerned variable takes the lowest value as the last observation. D. with the time period in which the concerned variable takes the lowest value listed as the first observation, and the time period in which the concerned variable takes the highest value as the last observation.