Question

​Labor, L​(workers)	​Output, Q​ (units per​ day)
0	0
1	4
2	9
3	18
4	28
5	35
6	40
7	42
8	43
9	40
10	35

What is the marginal return to labor from increasing employment from 2 to 3​ workers?

A. 3

B. 18

C. 9

D. 2

Quantity	Total Cost
495	1500
496	1505
497	1512
498	1520
499	1530
500	1545
501	1562
502	1580

The table above shows the total cost for Happy​ Cows, a perfectly competitive dairy​ farm, at various levels of production. The market price for Happy Cows dairy is​ $10 per unit of dairy product.

What is the marginal revenue of producing the 500th unit of dairy​ product?

A. $10

B. $15

C. $1,545

D. $5,000

Quantity	Total Cost
495	1500
496	1505
497	1512
498	1520
499	1530
500	1545
501	1562
502	1580

24. The table shows the total cost for Happy​ Cows, a perfectly competitive dairy​ farm, at various levels of production. The market price for Happy Cows dairy is​ $10 per unit of dairy product. What is the marginal cost of producing the 500th unit of dairy​ product?

A. $1,545

B. $5,000

C. $15

D. $10

Answer 1