a. What would be the new values in the table?Instructions: Enter your answers as a whole number.MarginalProduct (MP)MarginalRevenueUnits ofTotal ProductProduct PriceTotal RevenueResource(Output)Product1142263364445506.54756 Suppose that marginal product doubled while product price tripled in the table beloMarginalMarginalProduct (MP)Units ofTotal ProductProduct Price | Total RevenueRevenueResource(Output)Product$2$0177214$142136.22612318236104222448255062722544728156LO

Marginal Product = TPn - TPn-1 Total Revenue = Price × Quantity

a. What would be the new values in the table? Instructions: Enter your answers as a whole number. Marginal Product (MP) Marginal Revenue Units of Total Product Product Price Total Revenue Resource (Output) Product 1 14 2 26 3 36 4 44 50 54 7 56 LO CO

a. What would be the new values in the table? Instructions: Enter your answers as a whole number. Marginal Product (MP) Marginal Revenue Units of Total Product Product Price Total Revenue Resource (Output) Product 1 14 2 26 3 36 4 44 50 54 7 56 LO CO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

a. What would be the new values in the table?
Instructions: Enter your answers as a whole number.
Marginal
Product (MP)
Marginal
Revenue
Units of
Total Product
Product Price
Total Revenue
Resource
(Output)
Product
1
14
2
26
3
36
4
44
5
50
6.
54
7
56

Suppose that marginal product doubled while product price tripled in the table belo
Marginal
Marginal
Product (MP)
Units of
Total Product
Product Price | Total Revenue
Revenue
Resource
(Output)
Product
$2
$0
1
7
7
2
14
$14
2
13
6.
2
26
12
3
18
2
36
10
4
22
2
44
8
25
50
6
27
2
2
54
4
7
28
1
56
LO

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5
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A9
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Please see the attached11