Using Figure 10.1 above is it possible to determine the price that this product is selling for if it is being sold in a competitive market? If so what is that price?
What will be an ideal response?
Marginal revenue product is equal to the marginal product times the price. Alternatively that means that price is equal to MRP divided by MP. Since we have both MRP and MP we can discover the price. Taking the first data point we have an MRP of $5 and an MP of 10 . This yields of price of $.50 .
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Which of the following groups does not fit in with the others?
A. Illegal immigrants B. Undocumented workers C. Green-card holders D. Overstaying aliens
The cost of an extra unit of coal in Australia in terms of oil given up is
A. 100.
B. 20.
C. 5.
D. 1/5.
If Jay receives a pay cut and the price effect outweighs the income effect on his labor supply decisions, he will work:
A. zero hours. B. more hours. C. the same amount. D. less hours.
In the context of labor markets, shirking refers to:
A. the nonmonetary disadvantages of certain jobs. B. the neglecting or evading of work. C. the elimination of monitoring costs. D. any scheme where pay is directly related to worker output.