Exhibit 11-2 Labor and output data $$\begin{array} { | c | c | }
\hline \text { Labor } & \text { Output } \
\hline 0 & 0 \
1 & 20 \
2 & 45 \
3 & 80 \
4 & 100 \
5 & 110 \
\hline
\end{array}$$
-In Exhibit 11-2, if product price is fixed at $5, the MRP of the third worker is equal to:

Question

Exhibit 11-2 Labor and output data $$\begin{array} { | c | c | } 
\hline \text { Labor } & \text { Output } \
\hline 0 & 0 \
1 & 20 \
2 & 45 \
3 & 80 \
4 & 100 \
5 & 110 \
\hline
\end{array}$$
-In Exhibit 11-2, if product price is fixed at $5, the MRP of the third worker is equal to:

Quizplus · Accepted Answer

The marginal revenue product (MRP) of the third worker is calculated by multiplying the marginal product of the third worker (which is the change in output from the second to the third worker, 80 - 45 = 35) by the product price ($5). So, MRP = 35 * 5 = $175.

Exhibit 11-2 Labor and Output Data -In Exhibit 11-2, If Product Price Is Fixed at $5