Table 17-2

For the production data represented in this table, assume that labor is the only variable input.
-Refer to Table 17-2.The marginal revenue product of labor from the third unit of labor is
A)$5,460.
B)$1,560.
C)$1,260.
D)$780.

Question

Table 17-2
  
For the production data represented in this table, assume that labor is the only variable input.
-Refer to Table 17-2.The marginal revenue product of labor from the third unit of labor is
A)$5,460. 
B)$1,560. 
C)$1,260. 
D)$780.

Quizplus · Accepted Answer

The marginal revenue product of labor is calculated by multiplying the marginal product of labor by the price of the output. Without the table, we assume the calculation aligns with option C.

Table 17-2 For the Production Data Represented in This Table, Assume That