The table below shows a firm that is perfectly competitive in both the labor and product markets, showing how much daily output a firm can produce using various numbers of workers. Number of Workers 1 2 3 4 5 6 Output O $2 O $460 O $115 O $100 O $40 3 9 16 21 23 24 If output sells for $20/unit, what is the marginal revenue product of the 5th worker?
The table below shows a firm that is perfectly competitive in both the labor and product markets, showing how much daily output a firm can produce using various numbers of workers. Number of Workers 1 2 3 4 5 6 Output O $2 O $460 O $115 O $100 O $40 3 9 16 21 23 24 If output sells for $20/unit, what is the marginal revenue product of the 5th worker?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter14: Labor Markets And Income
Section: Chapter Questions
Problem 1SCQ: Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and...
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Question
![The table below shows a firm that is perfectly competitive in both the labor and
product markets, showing how much daily output a firm can produce using various
numbers of workers.
Number of Workers
1
2
3
4
5
6
Output
O $2
O $460
O $115
O $100
O $40
3
9
16
21
23
24
If output sells for $20/unit, what is the marginal revenue product of the 5th
worker?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd949b33-482d-4abc-a7e0-4279b34888c7%2Fc22467ec-392d-4347-b3ae-3485080e57e5%2Fg5267to_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The table below shows a firm that is perfectly competitive in both the labor and
product markets, showing how much daily output a firm can produce using various
numbers of workers.
Number of Workers
1
2
3
4
5
6
Output
O $2
O $460
O $115
O $100
O $40
3
9
16
21
23
24
If output sells for $20/unit, what is the marginal revenue product of the 5th
worker?
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