q2 Suppose that the production of a certain product only requires one input, labor, and that the additional production diminishes by half after the last input.On the other hand, the demand of the good can be described using the equationQ = 10000 – P/10.The total product of the second unit of labor is 3,000 unite. Finally, each additional worker requires P1,000,000. Given the following information, answerthe following questions:What is the marginal revenue product of the third unit of labor?Answer: 500How would you characterize the marginal revenue product of labor?How would you characterize the labor market that this firm faces?

Marginal Revenue Product is the additional revenue generated by employing one more input factor .…

Suppose that the production of a certain product only requires one input, labor, and that the additional production diminiahes by half after the last input. On the other hand, the demand of the good can be described using the equation Q = 10000 – P/10. The total product of the second unit of labor ia 3,000 unita. Finally, each additional worker requires P1,000,000. Given the following information, answer the following questions: What is the marginal revenue product of the third unit of labor? Answer: 500

Suppose that the production of a certain product only requires one input, labor, and that the additional production diminiahes by half after the last input. On the other hand, the demand of the good can be described using the equation Q = 10000 – P/10. The total product of the second unit of labor ia 3,000 unita. Finally, each additional worker requires P1,000,000. Given the following information, answer the following questions: What is the marginal revenue product of the third unit of labor? Answer: 500

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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