2005, Question 3 · 8 points
Shirt factory hiring from a production table
Decide the market structure in both the output and labor markets from the given price and wage, compute one worker's marginal revenue product, and choose the profit-maximizing number of workers.
This exam had three free-response questions in 50 minutes of writing time after a 10 minute planning period, with about half the time suggested for Question 1 and the rest split evenly between Questions 2 and 3. The current exam has 3 free-response questions in 60 minutes. The skills these questions practice still count.
Lessons this question draws on
1 Read the question
The question is College Board's, from the 2005 exam. It starts on page 4 of the PDF. College Board no longer posts this exam, so it opens from the copy of College Board's PDF that the Internet Archive saved on August 16, 2022.
2 Write your answer
Answer each part the way you would on the exam, in full sentences, with your work shown. Your writing saves as you type.
3 Score it
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Scoring guidelines (PDF, page 4) What the exam readers saw (Student Performance Q&A)
Question, scoring guidelines and Chief Reader report: College Board, from the Internet Archive. The title, summary are ours.