Use the data in the tables to answer the question that follows. Market Price of Output Quantity Supplied of Output Quantity Demanded of Output $5 25,000 60,000 $10 50,000 50,000 $15 75,000 40,000 $20 100,000 30,000 $25 125,000 20,000 Firm Quantity of Labor Total Product 0 0 15 105 30 190 45 265 60 325 What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? A-$30. B-$50. C-$63. D-$100. E-$2,650
Use the data in the tables to answer the question that follows. Market Price of Output Quantity Supplied of Output Quantity Demanded of Output $5 25,000 60,000 $10 50,000 50,000 $15 75,000 40,000 $20 100,000 30,000 $25 125,000 20,000 Firm Quantity of Labor Total Product 0 0 15 105 30 190 45 265 60 325 What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? A-$30. B-$50. C-$63. D-$100. E-$2,650
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Use the data in the tables to answer the question that follows.
Market
| |
Quantity Supplied of Output | Quantity Demanded of Output |
| $5 | 25,000 | 60,000 |
| $10 | 50,000 | 50,000 |
| $15 | 75,000 | 40,000 |
| $20 | 100,000 | 30,000 |
| $25 | 125,000 | 20,000 |
Firm
| Quantity of Labor | Total Product |
| 0 | 0 |
| 15 | 105 |
| 30 | 190 |
| 45 | 265 |
| 60 | 325 |
What is the marginal revenue product of the 45th unit of labor, assuming this market is
A-$30. B-$50. C-$63. D-$100. E-$2,650
(2) The marginal benefit to suppliers will be less than the marginal cost to the single buyer. This describes
A-perfect competition. B-
E-a monopsony
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