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. a. What is the marginal revenue product of each worker if the current market price to install one solar panel is $50? What if the current market price is $100? $150? Using the table below, fill in the “Marginal Revenue Product” columns for each price. Labor Productivity and Marginal Revenue Product for Solar Panel InstallersLabor (workers)Marginal Product (solar panels)Marginal Revenue Product for P = $50 (dollars)Marginal Revenue Product for P = $100 (dollars)Marginal Revenue Product for P = $150 (dollars)114$ $ $ 212 310 48 56 64 72 b. Graph the three marginal revenue product curves (for prices of $50, $100, and $150) based on your answers to part a.Instructions: Use the tools provided "MRP (P = $50)," "MRP (P = $100)," and "MRP (P = $150)" to plot each line point by point (7 points total for each line). Labor Productivity for Solar Panel InstallersMarginal Revenue Product (dollars)2,200Tools2,0001,800MRP (P=$50) MRP (P=$1001,6001,4001,200MRP (P=$1501,0008006004002001

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.

a. What is the marginal revenue product of each worker if the current market price to install one solar panel is $50? What if the current market price is $100? $150? Using the table below, fill in the “Marginal Revenue Product” columns for each price.

Labor Productivity and Marginal Revenue Product for Solar Panel Installers

Labor (workers)	Marginal Product (solar panels)	Marginal Revenue Product for P = $50 (dollars)	Marginal Revenue Product for P = $100 (dollars)	Marginal Revenue Product for P = $150 (dollars)
1	14	$	$	$
2	12
3	10
4	8
5	6
6	4
7	2

b. Graph the three marginal revenue product curves (for prices of $50, $100, and $150) based on your answers to part a.

Instructions: Use the tools provided "MRP (P = $50)," "MRP (P = $100)," and "MRP (P = $150)" to plot each line point by point (7 points total for each line).

Labor Productivity for Solar Panel Installers
Marginal Revenue Product (dollars)
2,200
Tools
2,000
1,800
MRP (P=$50) MRP (P=$100
1,600
1,400
1,200
MRP (P=$150
1,000
800
600
400
200
1

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