Given the following production function. If the price of the output is $100. What is the Marginal Revenue Product of the 4th worker (4th unit of labor)? Units of Labor Total Output MP ㅇ ㅇ 1 2 15 3 30 4 42 52 60 7 65 8. 67

Given the following production function. If the price of the output is $100. What is the Marginal Revenue Product of the 4th worker (4th unit of labor)? Units of Labor Total Output MP ㅇ ㅇ 1 2 15 3 30 4 42 52 60 7 65 8. 67

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Given the following production function. If the price of
the output is $100. What is the Marginal Revenue
Product of the 4th worker (4th unit of labor)?
Units of Labor
Total Output MP
ㅇ
ㅇ
1
5
2
15
3
30
4
42
5
52
60
7
65
8.
67
9
63
10
55

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