Question

Next > 1 of 15 Prev 9 LS 9 95 9 6 9 OT 9E 92 OS 9S PI Product (dollars) onuoA T30 0 (saTTop) (sbuyaaeo o saTed) 0 onuo aybavy (dollars) (a o onpord Te3o Stephanie's Earring Shop and Revenues using the information given. Assume this is a perfectly competitive market. produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns Stephanie produces earrings. She sells each pair of earrings for $6. The table below shows how many pairs of earrings can be Instructions: Enter your answers as a whole number.

Answer 1

Formula of Total revenue = Price(P) * Quantity(Q)

Here quantity is total product

Marginal revenue = TRn - TRn-1 / ( change in Q)

Labor	Total product	Price	Total revenue	Marginal revenue
0	0	6	6*0 = 0	---
1	14	6	6*14 = 84	(84-0) / (14-0) = 6
2	26	6	6*26 = 156	(156-85) / (26-14) = 6
3	36	6	6*36 = 216	(216-156)/ (36-26) = 6
4	45	6	6*45 = 270	6
5	52	6	312	6
6	56	6	336	6
7	57	6	342	6