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Consider the following production and cost schedule for a firm. The first column shows the number of ...

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Consider the following production and cost schedule for a firm. The first column shows the number of ...

Consider the following production and cost schedule for a firm. The first column shows the number of units of a variable factor of production employed by the firm.

Total Number of Units of the Factor	Total Number of Units of Output	Price per Unit of Output	Total Cost of Production
2	12	$10	$50
3	20	$9	$55
4	26	$8	$60
5	30	$7	$65
6	32	$6	$70
7	32	$5	$75

TABLE 13-3

Refer to Table 13-3. The rise in total revenue generated by hiring the 4th unit of the factor of production is

▸ $28.00.

▸ $7.50.

▸ -$11.00.

▸ $3.67.

▸ $2.00.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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