10) The table above shows the total product schedule of Piece a\' Pi, a producer

Question

10) The table above shows the total product schedule of Piece a' Pi, a producer of pizza in a nearby college town. Suppose workers are paid $10 per hour and the price per pizza is $10. The marginal product of the third worker is A) 17 pizzas per hour. B) 5 pizzas per hour. C) 7 1/3 pizzas per hour. D) $220 per hour. E) None of the above answers is correct.

11) Sky High Camping offers overnight camping in tree houses built on its 10-acre property. Workers are hired to build and maintain the tree houses. Which of the following are true statements? i. The land and the trees grown are considered natural resources. ii. The demand for trees and land is not a derived demand because supply is limited. iii. The demand for workers is considered a derived demand because they help produce the service of tree house camping. A) ii and iii. B) iii only. C) i only. D) i and iii. E) i, ii and iii.

12) An increase in the rental rate of capital ________ the quantity of capital demanded and ________ the quantity of capital supplied. A) does not change; does not change B) decreases; increases C) decreases; decreases D) increases; increases E) increases; decreases

Explanation / Answer

We have

Quantity TP AP MP

0 0 0 0

1 10 10 10

2 17 8.5 7

3 22 7.3 5

4 24 6 2

5 25 5 1

10. B) 5 Pizzas

11. C) i only

12. B) decreases, increases

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