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" colum 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) 0 0 1 28 2 44 3 58 4 71 5 82 6 90 7 95 Marginal Product (pairs of earrings) 28 16 14 13. 11 8 5 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) $0 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" colum 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) 0 0 1 28 2 44 3 58 4 71 5 82 6 90 7 95 Marginal Product (pairs of earrings) 28 16 14 13. 11 8 5 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) $0 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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A. In the resource market, what is the impact on the demand for coal if the price of the substitute good, natural gas increases? B. The table below represents a perfectly competitive market, if the industry price is $18, calculate the marginal revenue product for the second and third workers. No of Employees 1 2 3 No of Washes 10.00 19.00 26.00 C. Explain why the Value of the Marginal Product Marginal Revenue Product for perfect competitors but these values are not equal for the monopolistic competitors. D. In a company, if the Marginal Revenue Product of the 8th worker hired is less than the MRC for that worker, should the firm hire the 9th worker? Explain E. Graph the resource market for passenger and freight train engineers. Show the change in the wage rate and quantity of workers hired if there is a very large number of engineers retiring and the demand for rail travel has increased in the last year. =
Good Day! I just want to ask how to get the answers for question #8 on the photo below.
Stephanie produces earrings. She sells each pair of earrings for $8. 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 our answers as a whole number. Stephanie’s Earring Shop and Revenues Labor Total Product Marginal Product Price Total Revenue Marginal Revenue Product (workers) (pairs of earrings) (pairs of earnings) (dollars) (dollars) (dollars) 0 0 - $8 $0 - 1 25 25 8 ____ $ _____ 2 38 13 8 _____ _____ 3 49 11…
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I only need help with letters D. And E. ONLY!!!!
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