Units of Labor Total Output per Day Price of Good 2 10 $8 3 14 7 4 19 5 6 7 $5 A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the fifth worker? $25 O - $7 23 27 31 $1 6543

Units of Labor Total Output per Day Price of Good 2 10 $8 3 14 7 4 19 5 6 7 $5 A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the fifth worker? $25 O - $7 23 27 31 $1 6543

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 1P

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Question

Units of Labor Total Output per Day Price of Good
2
10
$8
3
14
7
4
19
6
5
23
5
6
27
4
7
31
3
A firm's labor input, total output of labor, and product price schedules are given
in the table. Labor is the only variable input. What is the marginal revenue
product of the fifth worker?
$5
$25
-$7
$1

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