Question

(1) Quantity (2) Quantity (3) Product (4) Marginal (5) Marginal of Factor X of Output Price Physical Product Revenue Product 0 20 $24 1 28 $24 (C) 34 $24 N (A) (D). 3 37 $24 (B) (E) 4 38 $24 (E) The dollar amounts that go in blanks (C) and (D) are, respectively, O $190 and $270 O $90 and $80 O $8 and $8 O $192 and $144.

Answer 1

Answer- $192 and $144

Reason-

Marginal revenue product= Marginal physical product* Price

When Quantity of factor input is 1,

Marginal physical product= 28-20=8

Price=$24

Marginal revenue product= $8*$24= $192

So, C= $192

Similarly

When Quantity of factor input is 2,

Marginal physical product= 34-28=6

Price=$24

Marginal revenue product= $6*$24= $144

So, D= $144

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