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9. Use the data in the table below to answer the following questions about a firm. Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0 123456 25 25 2222222 25 25 25 23 25 0274222 $10 10 10 14 10 10 10 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.

9. Use the data in the table below to answer the following questions about a firm. Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0 123456 25 25 2222222 25 25 25 23 25 0274222 $10 10 10 14 10 10 10 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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9. Use the data in the table below to answer the following questions about a firm. Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0123510 25 25 25 25 4 25 25 23 6 25 2222222 14 0274222 $10 10 10 10 10 10 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.
Transcribed Image Text:9. Use the data in the table below to answer the following questions about a firm. Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0123510 25 25 25 25 4 25 25 23 6 25 2222222 14 0274222 $10 10 10 10 10 10 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.
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