Refer to the following table. Labor Output Price 0 0 $2.20 1 16 2.00 2 31 1.80 3 45 1.60 4 58 1.40 5 69 1.20 6 78 1.00 Assume that the labor market is perfectly competitive. What are the values of marginal product and the marginal revenue product, respectively, for the third worker? $81.00; $62.00 $19.00; $5.40 $25.20; $19.00 O $81.00; $5.40
Refer to the following table. Labor Output Price 0 0 $2.20 1 16 2.00 2 31 1.80 3 45 1.60 4 58 1.40 5 69 1.20 6 78 1.00 Assume that the labor market is perfectly competitive. What are the values of marginal product and the marginal revenue product, respectively, for the third worker? $81.00; $62.00 $19.00; $5.40 $25.20; $19.00 O $81.00; $5.40
Chapter30: The Labor Market
Section: Chapter Questions
Problem 14E
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Transcribed Image Text:Refer to the following table.
Labor Output Price
0
0
$2.20
1
16
2.00
2
31
1.80
3
45
1.60
4
58
1.40
5
69
1.20
6
78
1.00
Assume that the labor market is perfectly competitive. What are the values of marginal product and
the marginal revenue product, respectively, for the third worker?
$81.00; $62.00
$19.00; $5.40
$25.20; $19.00
O $81.00; $5.40
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