Question
In: Economics
Question 5. Use the following total-product schedule for a resource to answer the next three questions....
Question 5.
Use the following total-product schedule for a resource to answer
the next three questions.
Assume that the quantities of other resources the firm employs
remain constant.
Units of
resource
Total
product
1 12
2 21
3 27
4 32
5 36
a. If the firm’s product sells for a constant $2 per unit, what is
the marginal revenue
product of the third unit of the resource?
b. If the firm’s product sells for a constant $2 per unit and the
price of this resource is $8,
how many units of the resource will the firm employ?
c. If the firm can sell 12 units of output at a price of $1.00 per
unit and 21 units of output
at a price of $0.80 per unit, what is the marginal revenue product
of the second unit
of the resource?
Solutions
Rahul Sunny answered 2 months agoRelated Solutions
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