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Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource.
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP and profits. See the table below, and answer each of the questions. (40pts/10pts each)Pounds of rubber (quantity of resource) Number of widgets(total product) Price of widgets ($)012345 02035455053 -1210864a. The marginal product of the 3rd pound of rubber is _______________.b. The marginal revenue product of the 3rd pound of rubber is ________.c. The price of rubber is $110 per pound. To maximize profit, the widget producer should produce__________________.d. The price of rubber is $110 per pound. To maximize profit, the widget producer should buy and use:__________________.2. See the table below, and answer each of the questions. (60pts/12pts each)If the market represented in exhibit above is allowed to operate freely, total employment in the market will be __________________.If a union raises the wage to $4, total employment in the market will be _______.The approximate total surplus of labor after the union wage is _______________.d. If the market is allowed to operate freely, total employment by the typical employer (illustrated in the right-hand panel) will be ________________.e. If a union raises the market wage to $4, total employment by the firm (in the right-hand panel) will be _____________
