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How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and the marginal product of labor (MPL) is 8? Response option group a) $ 12 b) $ 96 c) $ 450 d) $ 384

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and the marginal product of labor (MPL) is 8?
Response option group

a) $ 12

b) $ 96

c) $ 450

d) $ 384

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