Use the data in Table: Larry's Lawn Mowing to answer the question.
If three workers are employed, total revenue will equal _____, and total costs will be _____.
$$\begin{array}{l}
\text { Table: Larry's Lawn Mowing (price } = \$ 30 \text { ) }\
\begin{array} { | l | l | l | }
\hline \begin{array} { c }
\text { Number of workers } \
\text { (weekly wage } \$ 540 \text { ) }
\end{array} & \begin{array} { c }
\text { Marginal product } \
\text { (weekly) }
\end{array} & \begin{array} { c }
\text { Marginal revenue } \
\text { product }
\end{array} \
\hline 1 & 24 & \$ 720 \
\hline 2 & 18 & \$ 540 \
\hline 3 & 14 & \$ 420 \
\hline 4 & 10 & \$ 300 \
\hline
\end{array}
\end{array}$$

Question

Use the data in Table: Larry's Lawn Mowing to answer the question.
If three workers are employed, total revenue will equal _____, and total costs will be _____.
$$\begin{array}{l}
\text { Table: Larry's Lawn Mowing (price } = \$ 30 \text { ) }\
\begin{array} { | l | l | l | } 
\hline \begin{array} { c } 
\text { Number of workers } \
\text { (weekly wage } \$ 540 \text { ) }
\end{array} & \begin{array} { c } 
\text { Marginal product } \
\text { (weekly) }
\end{array} & \begin{array} { c } 
\text { Marginal revenue } \
\text { product }
\end{array} \
\hline 1 & 24 & \$ 720 \
\hline 2 & 18 & \$ 540 \
\hline 3 & 14 & \$ 420 \
\hline 4 & 10 & \$ 300 \
\hline
\end{array}
\end{array}$$

Quizplus · Accepted Answer

To calculate total revenue for three workers, sum the marginal products of each worker and multiply by the price ($30). For three workers, the total marginal product is $24 + 18 + 14 = 56$ lawns. Thus, total revenue is $56 \times \$30 = \$1,680$. Total costs for three workers are $3 \times \$540 = \$1,620$.

Use the Data in Table: Larry's Lawn Mowing to Answer