Question 04: Suppose that labor is the only input used by a perfectly competitivefirm. To the right is the firm's daily 'production function'. [ See below for the table](a) Calculate the marginal product, MP, for each additional worker. (b) Each unit ofoutput sells for $10. Calculate the marginal revenue product of each worker.Quantityof labor01234567TotalProduct0815212630333.5MPMRP @ifMR = $10MRP @ ifMR = $12A)The MP of the 2nd worker is 8 widgets and the MRP of the 4th worker is$60.B)The MP of the 2nd worker is 7 widgets and the MRP of the 4th worker is$40.C)The MP of the 2nd worker is 7 widgets and the MRP of the 4th worker is$50.D)The MP of the 2nd worker is 6 widgets and the MRP of the 4th worker is$60.

Marginal Product of Labor is the additional output produced due to the employment of an additional…

Quantity Total of labor Product 0 8 0 1 2 3 4 5 6 7 15 21 26 30 33 35 MP MRP @ if MR = $10 MRP @ if MR = $12 The MP of the 2nd worker is 8 widgets and the MRP of the 4th worker is $60. B) The MP of the 2nd worker is 7 widgets and the MRP of the 4th worker is $40. C) The MP of the 2nd worker is 7 widgets and the MRP of the 4th worker is $50. D) The MP of the 2nd worker is 6 widgets and the MRP of the 4th worker is $60.