None Workers per dayTotal Product Product PriceMRP00$100120$95230$90[A]338$85[B]442$80[C]544$75[D]Use the table above. The marginal revenue product of the 4th worker (i.e. find [C]) is:$680O $130$3,360$240$20

Marginal revenue product = change in total revenue/change in labor= [(42*80) - (38*85)]/(4 - 3)=…

Answered: Workers per day Total Product Product…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Workers per day Total Product Product Price MRP 0 0 $100 1 20 $95 2 30 $90 [A] 3 38 $85 [B] 4 42 $80 [C] 5 44 $75 [D] Use the table above. The marginal revenue product of the 4th worker (i.e. find [C]) is: $680 O $130 $3,360 $240 $20