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
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
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 1P
Related questions
Question
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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