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) $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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