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Chapter 28: Q.1 (page 645)

The following table depicts the output of a firm that manufactures computer printers. The printers sell for $100each.

Calculate the marginal product and marginal revenue product at each input level above 10units.

Short Answer

Expert verified

The list demonstrates the marginal utility and total profit production to every field device exceeding units.

Step by step solution

01

Introduction

When initial increase of power delivered is provided to the construction, the aggregate supply possibility can be used to improve the asset.

Marginal Revenue Product is the worth of the merchandise delivered by the last units of work added. It's also offered by either a basic economic article that would be repeated by a fringe component.

02

Explanation

The list demonstrates the marginal utility and total profit unit to every field device below ten pieces.

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Most popular questions from this chapter

Explain what labor outsourcing is and how it affects U.S. wages and employment.

Since the beginning of this century, there has been a significant increase in the price of corn-based ethanol.

a. A key input in the production of com-based ethanol is com. Use an appropriate diagram to explain what has likely occurred in the market for corn if the supply curve has not shifted.

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a. Calculate the firm's marginal product, total revenue, and marginal revenue product at each input level above 10units.

b. The firm competes in a perfectly competitive labor market, and the market wage it faces is $100per worker per day. How many workers will the profit-maximizing employer hire?

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A profit-maximizing monopolist hires workers in a perfectly competitive labor market. Employing the last worker increased the firm's total weekly output from 110 units to 111 units and caused the firm's weekly revenues to rise from \(25,000 to \)25,750. What is the current prevailing weekly wage rate in the labor market?
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