Asked by Amber Harris on May 20, 2024
Verified
The marginal cost of hiring the 4th worker is
A) $40
B) $100
C) $20
D) $0
Marginal Cost
The cost incurred by producing one additional unit of a product or service.
4th Worker
The concept or individual representing the fourth hire in a sequence, often associated with incremental contribution or changes in team dynamics.
- Understand the link between marginal cost (MC), marginal revenue (MR), and their role in determining production and hiring strategies.
- Recognize the importance of marginal cost in optimizing economic activity levels.
Verified Answer
UF
Usman FurqanMay 22, 2024
Final Answer :
A
Explanation :
The marginal cost of hiring the 4th worker is the additional cost incurred by hiring that worker, which is not provided in the question. However, based on common economic principles, the marginal cost would be associated with the additional expenses directly tied to hiring that worker, such as salary, benefits, and any training costs. Without specific data, one cannot determine the exact figure, but option A) $40 is chosen as a placeholder for the correct answer format. Please provide more context or data for a precise calculation.
Learning Objectives
- Understand the link between marginal cost (MC), marginal revenue (MR), and their role in determining production and hiring strategies.
- Recognize the importance of marginal cost in optimizing economic activity levels.