Marginal revenue product of labor 56 48 $36 40 36 28 20 11 01 12 cake pops 36 cake pops $144 2 3 4 5 6 The Figure shows the marginal revenue product (also called the value of the marginal product) for Cora's Confections, a producer of hand-made cake pops. If Cora can sell her cake pops at $3 each, what is the marginal product of the 4th worker? 7 Marginal revenue product of labor Quantity of labor

Marginal revenue product of labor 56 48 $36 40 36 28 20 11 01 12 cake pops 36 cake pops $144 2 3 4 5 6 The Figure shows the marginal revenue product (also called the value of the marginal product) for Cora's Confections, a producer of hand-made cake pops. If Cora can sell her cake pops at $3 each, what is the marginal product of the 4th worker? 7 Marginal revenue product of labor Quantity of labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You own a farm, you hire labor and capital to produce apples. The marginal product of the last unit of labor input is 15 and the marginal product of the last unit of capital input is 45. The market wage for labor is SB. If you are using the optimal combination of inputs, then the price of capital is? Select one: a. $45 Ob. $24 c. $360 Od. $3
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