Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) (workers) e e 1 35 2 52 3 67 4 81 5 93 6 102 7 108 Marginal Product (pairs of earrings) 35 17 15 14 12 9 6 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) se Marginal Revenue Product (dollars) $

Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) (workers) e e 1 35 2 52 3 67 4 81 5 93 6 102 7 108 Marginal Product (pairs of earrings) 35 17 15 14 12 9 6 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) se Marginal Revenue Product (dollars) $

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 1P

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