The following table shows different numbers of workers hired by Jedi Star, a competitive firm producing light-sabers, and corresponding levels: output. Suppose that Jedi Star sells its product at $1,000 per light-saber and hires its workers in a competitive labor market paying the same rate of $6,000 to all workers. Total Product Number of light-saber (Number of light-sabers per makers 0 1 day) Complete the following table by calculating Jedi Star's marginal product, marginal revenue product, and marginal profit. Marginal Revenue Product (Thousands of Dollars) Marginal Product (Number of light- sabers) 0 14 23 26 36 4 44 5 50 6 54 7 56 AAAAAAA Marginal Profit (Thousands of Dollars)
The following table shows different numbers of workers hired by Jedi Star, a competitive firm producing light-sabers, and corresponding levels: output. Suppose that Jedi Star sells its product at $1,000 per light-saber and hires its workers in a competitive labor market paying the same rate of $6,000 to all workers. Total Product Number of light-saber (Number of light-sabers per makers 0 1 day) Complete the following table by calculating Jedi Star's marginal product, marginal revenue product, and marginal profit. Marginal Revenue Product (Thousands of Dollars) Marginal Product (Number of light- sabers) 0 14 23 26 36 4 44 5 50 6 54 7 56 AAAAAAA Marginal Profit (Thousands of Dollars)
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis
Section: Chapter Questions
Problem 8TY
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Question
![The following table shows different numbers of workers hired by Jedi Star, a competitive firm producing light-sabers, and corresponding levels:
output. Suppose that Jedi Star sells its product at $1,000 per light-saber and hires its workers in a competitive labor market paying the same
rate of $6,000 to all workers.
Total Product
Number of light-saber
(Number of light-sabers per
makers
0
1
day)
Complete the following table by calculating Jedi Star's marginal product, marginal revenue product, and marginal profit.
Marginal Revenue
Product
(Thousands of Dollars)
Marginal Product
(Number of light-
sabers)
0
14
23
26
36
4
44
5
50
6
54
7
56
AAAAAAA
Marginal Profit
(Thousands of
Dollars)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2df5e69f-16e0-4fab-9b24-c50846e1d4ad%2Fc72f0728-ea91-4ffc-ac4b-a0cb9cfc8e61%2Fqq5ucg5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following table shows different numbers of workers hired by Jedi Star, a competitive firm producing light-sabers, and corresponding levels:
output. Suppose that Jedi Star sells its product at $1,000 per light-saber and hires its workers in a competitive labor market paying the same
rate of $6,000 to all workers.
Total Product
Number of light-saber
(Number of light-sabers per
makers
0
1
day)
Complete the following table by calculating Jedi Star's marginal product, marginal revenue product, and marginal profit.
Marginal Revenue
Product
(Thousands of Dollars)
Marginal Product
(Number of light-
sabers)
0
14
23
26
36
4
44
5
50
6
54
7
56
AAAAAAA
Marginal Profit
(Thousands of
Dollars)
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