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reviewing for finals Say if: # of workers:
reviewing for finals
Say if:
# of workers: total output
0 0
1 100
2 220
3 320
4 400
5 475
6 540
7 600
8 650
9 690
10 700
say If price of the good produced is $10, and wage rate is $500, then what would be the marginal revenue product of that 5th worker ??
Total Output of 4 workers = 400 unitsTotal Output of 5 workers = 475 unitsChange in output by 5th worker = 475 – 400 = 75 unitsPrice per unit = $10Additional Revenue from 5th worker = 75 x 10...