Table 17.1
-Refer to Table 17.1.If the product sells at a market price of $3,the marginal revenue product of the fourth worker is:

Question

Quizplus · Accepted Answer

The marginal revenue product of the fourth worker is found by taking the change in total revenue when adding the fourth worker, which is $45 - $30 = $15. Therefore, the best choice would be to hire the fourth worker, as their marginal revenue product exceeds their wage cost of $10, leading to an increase in profit.

Table 17.1 -Refer to Table 17.1.If the Product Sells at a Market