Homework Answers
Answer)
Marginal revenue product = ∆Total Revenue / ∆X
= 18*12-10*12 / 2-1
= 96$
So, value for blank B is $96.
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(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product...
(1) 2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product...
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(1) 2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product 0 0 $12 1 10 |$12 (A) 2 18 $12 (B) 3 25 $12 (C) 14 28 $12 (D) What dollar value goes in blank (D)? O $28 O $12 $18 O $36
(1) (2) (3) (4) Units of Quantity of Product Factor X Output Price Marginal Revenue Product 0 $12 o 1 10 $12 (A) 2 18 $12 (B) 3 25 $12 (C) 28 $12 (D) price, thus we are dealing with a(n) The data show that marginal revenue is competitive firm. O greater than; perfectly equal to perfectly o less than; perfectly O equal to; imperfectly
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