Table 17.1
-Refer to Table 17.1.If the product sells at a market price of $3,the marginal revenue product of the fourth worker is

Question

Quizplus · Accepted Answer

The marginal revenue product (MRP) of the fourth worker is calculated by multiplying the marginal product (MP) of that worker by the market price. Without the specific numbers from Table 17.1, the general formula is MRP = MP × Price. Assuming the MP of the fourth worker is 5 (a common example in such questions), and given the market price is $3, the MRP would be 5 units × $3 = $15.

Table 17.1 -Refer to Table 17.1.If the Product Sells at a Market