The following table depicts both the product and labor markets for imported coffee.What is the total revenue when 15 workers per day are hired? $$\begin{array} { c c c }
\begin{array} { c }
\text { Labor Input } \
\text { (workers per day) }
\end{array} & \begin{array} { c }
\text { Total } \
\text { Physical Product }
\end{array} & \begin{array} { c }
\text { Product } \
\text { Price } ( \$ )
\end{array} \
\hline 10 & 100 & 50 \
11 & 110 & 49 \
12 & 120 & 48 \
13 & 130 & 47 \
14 & 140 & 46 \
15 & 150 & 45 \
\hline
\end{array}$$

Question

The following table depicts both the product and labor markets for imported coffee.What is the total revenue when 15 workers per day are hired? $$\begin{array} { c c c } 
\begin{array} { c } 
\text { Labor Input } \
\text { (workers per day) }
\end{array} & \begin{array} { c } 
\text { Total } \
\text { Physical Product }
\end{array} & \begin{array} { c } 
\text { Product } \
\text { Price } ( \$ )
\end{array} \
\hline 10 & 100 & 50 \
11 & 110 & 49 \
12 & 120 & 48 \
13 & 130 & 47 \
14 & 140 & 46 \
15 & 150 & 45 \
\hline
\end{array}$$

Quizplus · Accepted Answer

Total revenue is equal to the product of the total physical product and the product price. When 15 workers per day are hired, the total physical product is 150 units and the product price is $45. Therefore, the total revenue is 150 * $45 = $6,750.

The Following Table Depicts Both the Product and Labor Markets