Exhibit 26-5

-Refer to Exhibit 26-5. The marginal revenue product of the first unit of labor is

Name: Exhibit 26-5 -Refer to Exhibit 26-5. The marginal revenue product of the first unit of labor is
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Question

Exhibit 26-5
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-Refer to Exhibit 26-5. The marginal revenue product of the first unit of labor is

Quizplus · Accepted Answer

The marginal revenue product (MRP) of labor is calculated by multiplying the marginal product of labor (MP) by the marginal revenue (MR). For the first unit of labor, the MP is 5 units and the MR is $500, so the MRP = 5 units * $500 = $2,500.

Exhibit 26-5 ​

Exhibit 26-5