Units of Resource Total Product 24 1 2 42 3 54 4 5 64 72 & Exit 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 $0.60 $12.20

Units of Resource Total Product 24 1 2 42 3 54 4 5 64 72 & Exit 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 $0.60 $12.20

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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