Assume that labor is the only variable input and that an additional input of labor increases total output from 72 to 78 units. If the product sells for $6 per unit in a perfectly competitive market, then the marginal revenue product of this additional worker is:
a. $78.
b. $72.
c. $36.
d. $39.
e. $6.
c
Economics
You might also like to view...
Calculate the multiplier and the change in real GDP
What will be an ideal response?
Economics
The Smoot-Hawley trade bill of 1930, designed to save jobs and increase revenue for the federal government, resulted in
What will be an ideal response?
Economics
Based on the information above, the non-employment rate is
A) 4%. B) 9.1%. C) 10%. D) 60%. E) 66%.
Economics
Beginning in 2008, The Federal Reserve and the U.S. Treasury Department responded to the financial crisis by intervening in financial markets in unprecedented ways. Briefly summarize the 4 key actions of the Fed and Treasury
What will be an ideal response?
Economics