The following table shows the product price of a perfectly competitive firm and the output produced...
The following table shows the product price of a perfectly
competitive firm and the output produced by the firm. From the
table, it can be said that the marginal revenue product of the
third machine is _____.
Table 11.1
|
Machines |
Output |
Product Price ($) |
|
0 |
0 |
3 |
|
1 |
7 |
3 |
|
2 |
12 |
3 |
|
3 |
15 |
3 |
|
4 |
17 |
3 |
|
5 |
18 |
3 |
| a. |
$3 |
|
| b. |
$9 |
|
| c. |
$45 |
|
| d. |
3 units |
|
| e. |
15 units |
Homework Answers
Marginal revenue product = marginal product*price of the product
The marginal output of the third output = 15-12 = 3
MRP = 3*3 = 9
option(B)
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