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The table below shows the total production for varying numbers of hours worked producing yo-yos. The ...

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The table below shows the total production for varying numbers of hours worked producing yo-yos. The ...

The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets.

Number of Hours Worked	Number of Yo-Yos Produced	Wage Rate per Hour (S)	Price of Yo-Yos ($)
10	60	10	5
11	70	10	5
12	78	10	5
13	84	10	5
14	88	10	5
15	90	10	5

TABLE 13-4

Refer to Table 13-4. Which of the following statements best describes the situation of this firm when it is employing 12 hours of labour? The 12th hour of labour hired

▸ adds $40 to revenue, but only costs $10 to hire, so this firm should hire more labour.

▸ adds $8 to revenue, but costs $10 to hire, so this firm should hire less labour.

▸ adds $30 to revenue, but only costs $10 to hire, so this firm should hire more labour.

▸ adds $10 to revenue and costs $10 to hire, so this firm is maximizing its profit at 12 hours of labour.

▸ adds $5 to revenue, but costs $10 to hire, so this firm should hire less labour.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

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