Billy is hiring workers to help him install solar panels. The table below presents the marginal product (in terms of solar panels installed per week) of various workers. Assume this is a perfectly competitive market. What is the marginal revenue product of each worker if the current market price to install one solar panel is $40? What if the current market price is $80? $120? Using the table below, fill in the "Marginal Revenue Product" columns. Instructions: Enter your answers as a whole number. Labor Productivity and Marginal Revenue Product for Solar Panel Installers Marginal Revenue Marginal Revenue Product for P = $80 (dollars) Marginal Revenue Product for P = $120 (dollars) Labor (workers) (solar panels) Marginal Product Product for P = $40 (dollars) 1 18 2 16 3 14 4 12 5 10 6 8 7 6 $
Billy is hiring workers to help him install solar panels. The table below presents the marginal product (in terms of solar panels installed per week) of various workers. Assume this is a perfectly competitive market. What is the marginal revenue product of each worker if the current market price to install one solar panel is $40? What if the current market price is $80? $120? Using the table below, fill in the "Marginal Revenue Product" columns. Instructions: Enter your answers as a whole number. Labor Productivity and Marginal Revenue Product for Solar Panel Installers Marginal Revenue Marginal Revenue Product for P = $80 (dollars) Marginal Revenue Product for P = $120 (dollars) Labor (workers) (solar panels) Marginal Product Product for P = $40 (dollars) 1 18 2 16 3 14 4 12 5 10 6 8 7 6 $
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter25: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 14CQ
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