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booboo123 booboo123
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A year ago

Consider the following production and cost schedule for a firm. The first column shows the number of units of a variable factor of production employed by the firm.

Short description: A table with 15 rows and 6 columns. Long description: The column headers read, units of the factor, output, MP, price, TR, and MRP. The table infers the following data. 10, 64, nil, blank, blank, and nil. Blank, blank, 5, blank, blank, and 100 dollars. 11, blank, blank, blank, blank, and blank. Blank, blank, 8, blank, blank, and 160 dollars. 12, 77, blank, blank, blank, and blank. The sixth row is blank. 13, 87, blank, blank, 1740 dollars, and blank. Blank, blank, 6, blank, blank, and blank. 14, blank, blank, blank, blank, and blank. Blank, blank, blank, blank, blank, and 80 dollars. 15, 97, blank, blank, 1940 dollars, and blank. Blank, blank, 2, blank, blank, and blank. 16, blank, blank, blank, blank, and blank. Blank, blank, 1, blank, blank, and blank. 17, 100, blank, blank, 2000 dollars, and blank.

TABLE 13-5

Refer to Table 13-5. If this firm is perfectly competitive, marginal revenue product (MRP) of the 16th unit of the factor of production is



▸ $20.

▸ $40.

▸ $120.

▸ $1280.

▸ $1540.
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Microeconomics

Microeconomics


Edition: 17th
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clarkh7839clarkh7839
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