Refer to the below table. What is the marginal revenue product if the firm employs the 12th worker?
A. $19.50
B. $26.50
C. $42.50
D. $47.50
B. $26.50
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The result of a binding price floor is:
a. quantity demanded at the price floor exceeds the amount at the equilibrium price, and quantity supplied is less than the amount at the equilibrium price. b. quantity supplied at the price floor exceeds the amount at the equilibrium price, and quantity demanded is less than the amount at the equilibrium price. c. quantity demanded and quantity supplied at the price floor are equal at the equilibrium price. d. quantity demanded at the price floor is less than the amount at the equilibrium price, and quantity supplied is also less than the amount at the equilibrium price.
If two inputs are complementary and employed in fixed proportions, an increase in the price of one input will:
A. Decrease the demand for the other input B. Increase the demand for the other input C. Increase the quantity demanded for the other input D. Have no effect on the demand for the other input