Use the data in the tables to answer the question that follows. Market Price of Output Quantity Supplied of Output Quantity Demanded of Output $5 25,000 60,000 $10 50,000 50,000 $15 75,000 40,000 $20 100,000 30,000 $25 125,000 20,000 Firm Quantity of Labor Total Product 0 0 15 100 30 190 45 265 60 325 What is the marginal revenue product of the 30th unit of labor, assuming this market is perfectly competitive in both the factor and output markets

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06-06-2022
Business

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Use the data in the tables to answer the question that follows. Market Price of Output Quantity Supplied of Output Quantity Demanded of Output $5 25,000 60,000 $10 50,000 50,000 $15 75,000 40,000 $20 100,000 30,000 $25 125,000 20,000 Firm Quantity of Labor Total Product 0 0 15 100 30 190 45 265 60 325 What is the marginal revenue product of the 30th unit of labor, assuming this market is perfectly competitive in both the factor and output markets

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Parrain Parrain · Answer 1 · 2022-06-17T21:48:31+02:00

Based on the market price, the quantity of labor, and the change in output, the marginal revenue product of the 30th unit of labor is $56.70.

How can we find the marginal revenue product?

First find the marginal product of labor as:

= (Change in units produced) / Change in labor quantity

= (190 - 105) / (30 - 15)

= 5.67 units

The market price is the price at which quantity demanded is equal to quantity supplied which is $10.

The marginal revenue product is:

= Marginal product of labor x Price

= 5.67 x 10

= $56.70

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