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Refer to Table 17-4. What are the quantity of labor and marginal revenue product of labor that will ...

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Refer to Table 17-4. What are the quantity of labor and marginal revenue product of labor that will ...

Table 17-4

Quantity of Labor	Output	MPL	Price	Total Revenue	MRPL	Wage
0	0	---	$200	$0	---	$500
1	6	6	180			500
2	11	5	160			500
3	15	4	140			500
4	18	3	120			500
5	20	2	100			500
6	21	1	80			500

Table 17-4 lists data for the production of Apple iPods. Apple is assumed to be a price maker, so to increase its sales of iPods the firm must lower its price. MPL and MRPL refer to the marginal product of labor and the marginal revenue product of labor, respectively.

Refer to Table 17-4. What are the quantity of labor and marginal revenue product of labor that will maximize the profit Apple would earn from selling iPods?

• 2; $160

• 3; $340

• 2; $680

• 3; $140

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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Thanks for your help!!

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