Figure 18-1 OUTPUT (Units) 28 71 26 23 8 1 2 3 4 LABOR (Number of workers) 5 6 Refer to Figure 18-1. Suppose the firm sells its output for $14 per unit, and it pays each of its workers $33 per day. When the number of workers increases from 4 to 5, the O marginal revenue is $42 per unit of output, and the marginal cost is $33 per unit of output. O value of the marginal product of labor is $99, and the marginal cost per unit of output is $33. O value of the marginal product of labor is $42, and the marginal cost per unit of output is about $11. O firm's profit increases.

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Price Discrimination

Price discrimination or differential pricing is based on the principle that the seller will charge the buyer a price based on the buyer’s ability and willingness to pay for the product rather than applying uniform pricing for all.