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Refer to the following table. Labor Output Price $2.20 1 16 2.00 31 1.80 3 45 1.60 58 1.40 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? A) $81.00: $5.40 B) $19.00: $5.40 C) $25.20: $19.00 D) $81.00: $62.00

Refer to the following table. Labor Output Price $2.20 1 16 2.00 31 1.80 3 45 1.60 58 1.40 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? A) $81.00: $5.40 B) $19.00: $5.40 C) $25.20: $19.00 D) $81.00: $62.00

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 2CQQ
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Refer to the following table. Labor Output Price $2.20 1 16 2.00 2 31 1.80 3 45 1.60 4 58 1.40 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? A) $81.00; $5.40 B) $19.00: $5.40 C) $25.20; $19.00 D) $81.00: $62.00
Transcribed Image Text:Refer to the following table. Labor Output Price $2.20 1 16 2.00 2 31 1.80 3 45 1.60 4 58 1.40 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? A) $81.00; $5.40 B) $19.00: $5.40 C) $25.20; $19.00 D) $81.00: $62.00
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