Assume that the quantities of other resources employed by the firm remain constant.Quantity of Resource Marginal ProductY Employedof Y01234567B. 3C. 4D. 54442363224142Page BreakProduct Price$2.001.901.801.701.601.501.4031. Refer to the above table. How many units of resource Y would the firm employ ata price of $50 per unit of Y?A. 2

Assume that the quantities of other resources employed by the firm remain constant. Quantity of Resource Marginal Product Y Employed 0 1 2 N34567 7 of Y -- 44 42 36 32 24 14 2 Page Break Product Price $2.00 1.90 1.80 1.70 1.60 1.50 1.40 31. Refer to the above table. How many units of resource Y would the firm employ at a price of $50 per unit of Y? A. 2 B. 3 C. 4 D. 5

Assume that the quantities of other resources employed by the firm remain constant. Quantity of Resource Marginal Product Y Employed 0 1 2 N34567 7 of Y -- 44 42 36 32 24 14 2 Page Break Product Price $2.00 1.90 1.80 1.70 1.60 1.50 1.40 31. Refer to the above table. How many units of resource Y would the firm employ at a price of $50 per unit of Y? A. 2 B. 3 C. 4 D. 5

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 7E

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Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. If the firm can sell 24 units of output at a price of $1.00 and 42 units of output at a price of $0.80, the marginal revenue product of the second unit of the resource is Group of answer choices $5.40. $7.80. $9.60. $12.20.
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