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 8 _____ ______ 4 59 10 8 _____ ______ 5 67 8 8 _____
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
Instructions: Enter our answers as a whole number.
Stephanie’s Earring Shop and Revenues
Labor Total Product Marginal 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 8 _____ ______
4 59 10 8 _____ ______
5 67 8 8 _____ _______
6 72 5 8 ______ _______
7 74 2 8 ______ _______
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
