Refer to the table shown. $$\begin{array}{l}
\begin{array} { | c | c | }
\hline \text { Number wf Warkers } & \text { Tatal Praduct per Huur }\
\hline 1 & 24 \
\hline 2 & 44 \
\hline 3 & 60 \
\hline 4 & 74 \
\hline 5 & 84 \
\hline 6 & 90 \
\hline 7 & 92 \
\hline
\end{array}
\end{array}$$ If the price per unit of product is $2, the marginal revenue product of the fourth worker is:

Question

Refer to the table shown. $$\begin{array}{l}
\begin{array} { | c | c | } 
\hline \text { Number wf Warkers } & \text { Tatal Praduct per Huur }\
\hline 1 & 24 \
\hline 2 & 44 \
\hline 3 & 60 \
\hline 4 & 74 \
\hline 5 & 84 \
\hline 6 & 90 \
\hline 7 & 92 \
\hline
\end{array}
\end{array}$$ If the price per unit of product is $2, the marginal revenue product of the fourth worker is:

Quizplus · Accepted Answer

The marginal revenue product (MRP) of the fourth worker is calculated by finding the difference in total product when the fourth worker is added and then multiplying that difference by the price per unit. The total product increases from 60 units with three workers to 74 units with four workers, an increase of 14 units. Multiplying this by the price per unit ($2), we get $28 as the MRP of the fourth worker.

Refer to the Table Shown If the Price Per Unit of Product Is $2, the c