Table 30.1 $$\begin{array} { | c | r | c | c | c | }
\hline \begin{array} { c }
\text { Number of } \
\text { workers (per } \
\text { hour) }
\end{array} & \begin{array} { c }
\text { Total output } \
\text { (per hour) }
\end{array} & \begin{array} { c }
\text { Marginal } \
\text { physical } \
\text { product } \
\text { (output per } \
\text { worker) }
\end{array} & \begin{array} { c }
\text { Total revenue } \
\text { (dollars per } \
\text { hour) }
\end{array} & \begin{array} { c }
\text { Marginal revenue } \
\text { product (dollars } \
\text { per hour worker) }
\end{array} \
\hline 1 & 4 & \ldots & & \ldots \
\hline 2 & 19 & & \
\hline 3 & 15 & & \
\hline 4 & 19 & & \
\hline 5 & 22 & & \
\hline
\end{array}$$ Assume that the product price is $4 per unit and that the hourly wage for workers is $12.Neither price nor wage changes with output.In Table 30.1,the marginal revenue product of the second worker hired is
A)$4 per hour.
B)$6 per hour.
C)$24 per hour.
D)$40 per hour.

Question

Table 30.1 $$\begin{array} { | c | r | c | c | c | } 
\hline \begin{array} { c } 
\text { Number of } \
\text { workers (per } \
\text { hour) }
\end{array} & \begin{array} { c } 
\text { Total output } \
\text { (per hour) }
\end{array} & \begin{array} { c } 
\text { Marginal } \
\text { physical } \
\text { product } \
\text { (output per } \
\text { worker) }
\end{array} & \begin{array} { c } 
\text { Total revenue } \
\text { (dollars per } \
\text { hour) }
\end{array} & \begin{array} { c } 
\text { Marginal revenue } \
\text { product (dollars } \
\text { per hour worker) }
\end{array} \
\hline 1 & 4 & \ldots & & \ldots \
\hline 2 & 19 & & \
\hline 3 & 15 & & \
\hline 4 & 19 & & \
\hline 5 & 22 & & \
\hline
\end{array}$$ Assume that the product price is $4 per unit and that the hourly wage for workers is $12.Neither price nor wage changes with output.In Table 30.1,the marginal revenue product of the second worker hired is
A)$4 per hour.
B)$6 per hour.
C)$24 per hour.
D)$40 per hour.

Quizplus · Accepted Answer

The marginal revenue product (MRP) of the second worker is calculated by the increase in total output due to the second worker, multiplied by the product price. From the first to the second worker, total output increases from 4 to 19 units, an increase of 15 units. At a product price of $4 per unit, the MRP of the second worker is 15 units * $4/unit = $60. However, the provided table seems to have an error in the total output for the third worker, which should likely show the progression of output as workers are added. Assuming the intended question relates to the increase from 4 units to 19 units, the calculation stands but none of the provided choices match the correct calculation based on the given data. Given the options, it seems there might be a misunderstanding or typo in the question or choices provided.

Table 301 Assume That the Product Price Is $4 Per Unit and |