Show Recommended textbook solutions Principles of Economics8th EditionN. Gregory Mankiw 1,333 solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 881 solutions Essentials of Investments10th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 887 solutions Contemporary EconomicsWilliam A. McEachern 958 solutions How do you calculate marginal revenue product of labor?The marginal revenue product of a worker is equal to the product of the marginal product of labor (MPL) and the marginal revenue (MR) of output, given by MR×MPL = MRPL.
What is the marginal product of labor associated with hiring a 3rd worker?The total product when two workers are hired equals 250 widgets, while the total product when three workers are hired equals 450 widgets; therefore, the marginal product of hiring the third worker is 200 widgets per worker. 3. Answer c.
What is the marginal revenue product of the fifth unit of labor?The marginal revenue product of labor is the marginal product of labor multiplied by the product's price. The marginal revenue of the fourth unit of labor is $10 (five units multiplied by $2) and the marginal revenue of the fifth unit of labor is $6 (three units multiplied by $2).
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What is the marginal revenue product of labor when the firm produces the third unit of output
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