Units of Variable Resource 0 1 2 4 5 6 9 10 Total Product 0 15 29 42 54 65 75 84 92 99 105 Product Price ($) 22 20 18 16 14 12 10 8 2 Refer to Table 11.5, which shows data for a firm. The first column shows the number of variable resource employed in production, the second column shows the total product of the firm, and the third column shows its product price. If the firm decides to hire nine units of the resource, the market price paid to a resource is

Units of Variable Resource 0 1 2 4 5 6 9 10 Total Product 0 15 29 42 54 65 75 84 92 99 105 Product Price ($) 22 20 18 16 14 12 10 8 2 Refer to Table 11.5, which shows data for a firm. The first column shows the number of variable resource employed in production, the second column shows the total product of the firm, and the third column shows its product price. If the firm decides to hire nine units of the resource, the market price paid to a 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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Question

#10

(a) $156

(b) $400

(d) $98

(e) $396

Table 11.5
Units of
Variable
Resource
0
1
2
3
4
5
6
7
8
9
10
Total
Product
0
15
29
42
54
65
75
84
92
99
105
Product
Price ($)
22
20
18
16
14
12
10
8
00
6
4
2
Refer to Table 11.5, which shows data for a firm. The first column shows the number of variable resource employed in
production, the second column shows the total product of the firm, and the third nn shows its product price. If the
firm decides to hire nine units of the resource, the market price paid to a resource is

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