Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 18 - Part VI - The Markets for the Factors of Production - Quick Check Multiple Choice - Page 391: 3

Answer

a) 1/2 cake per hour

Work Step by Step

Labor is 10 dollars per hour, and the cake costs 20 dollars. At this rate, the cake takes 2 hours to make. For a single laborer, one hour results in 1/2 cake made.
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