Refer to the following table. Labor Output Price 0 0 $2.20 1 16 2.00 2 31...
Refer to the following table.
|
Labor |
Output |
Price |
| 0 | 0 | $2.20 |
| 1 | 16 | 2.00 |
| 2 | 31 | 1.80 |
| 3 | 45 | 1.60 |
| 4 | 58 | 1.40 |
| 5 | 69 | 1.20 |
| 6 | 78 | 1.00 |
Assume that the labor market is perfectly competitive. What are the values of marginal product and the marginal revenue product, respectively, for the third worker?
$19.00; $5.40
$25.20; $19.00
$81.00; $62.00
$81.00; $5.40
Homework Answers
MPL= TPL of nth worker - TPL of n-1th workers.
MRPL=MPL*P
MPL of thid labor= 14
MRPL of third labor =22.4
Since this is not given in the above option.
But i have checked it twice and my answer is correct. There may be some mistake in the question.
Hence correct answer will be ( 14, 22.4)
Add Answer to:
Refer to the following table.
Labor
Output
Price
0
0
$2.20
1
16
2.00
2
31...
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