The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. Total Product 24 42 60 80 92 Units of Resource 1 2 4 6 7 If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the fourth unit of the resource is

The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. Total Product 24 42 60 80 92 Units of Resource 1 2 4 6 7 If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the fourth unit of the resource is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 Help Save & Exit Sub The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employ remain constant. If the firm can sell 24 units of output at a price of $1.00 and 42 units of output at a price of $0.80, the marginal revenue product of the second unit of the resource is Multiple Choice $5.40 $7.00. $9.60. $12.20
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Lesson 8 - Costs Question 6
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 If the firm's product sells for a constant $2 and the price of the resource is a constant $16, the firm will employ how many units of the resource? Multiple Choice 3 4 2 5