Exhibit 12-1 (1) (2) (3) (4) Units of Factor X Quantity of Output Product Price Marginal...

Question

Question

Exhibit 12-1

Refer to Exhibit 12-1. What value goes in blank C?

$35.00

$170.00

$40.00

$11.67

Answer 1

Answer #1

Marginal physical product = Q (3) - Q (2) = 34 - 27 = 7

MRP = Marginal physical product x Price = 7 x 5 = $ 35

Answer 2

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