Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor Total Product (pairs (workers) of earrings) Marginal Revenue Marginal Product (pairs of earrings) 0 0 Price (dollars) $5 Total Revenue (dollars) Product (dollars) $0 1 20 20 5 $ 2 34 14 5 3 46 12 5 4 57 11 5 5 66 9 5 6 72 6 5 7 75 3 5

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
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Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be
produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns
using the information given. Assume this is a perfectly competitive market.
Instructions: Enter your answers as a whole number.
Stephanie's Earring Shop and Revenues
Labor Total Product (pairs
(workers)
of earrings)
Marginal Revenue
Marginal Product
(pairs of earrings)
0
0
Price
(dollars)
$5
Total Revenue
(dollars)
Product (dollars)
$0
1
20
20
5
$
2
34
14
5
3
46
12
5
4
57
11
5
5
66
9
5
6
72
6
5
7
75
3
5
Transcribed Image Text:Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor Total Product (pairs (workers) of earrings) Marginal Revenue Marginal Product (pairs of earrings) 0 0 Price (dollars) $5 Total Revenue (dollars) Product (dollars) $0 1 20 20 5 $ 2 34 14 5 3 46 12 5 4 57 11 5 5 66 9 5 6 72 6 5 7 75 3 5
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