The following table shows the total output produced by different units of a resource.Assume that the resource and output markets are both perfectly competitive.The equilibrium price of the resource is $15.00,and the equilibrium price of the product is $0.50. Table 14.2
Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
Refer to Table 14.2.What is the marginal-factor cost for the third unit of the resource?
A)$13.00
B)$15.00
C)$17.50
D)$195.00
E)$19.50

Question

The following table shows the total output produced by different units of a resource.Assume that the resource and output markets are both perfectly competitive.The equilibrium price of the resource is $15.00,and the equilibrium price of the product is $0.50. Table 14.2
 Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
Refer to Table 14.2.What is the marginal-factor cost for the third unit of the resource?
A)$13.00 
B)$15.00 
C)$17.50 
D)$195.00 
E)$19.50

Quizplus · Accepted Answer

The Answer of The following table shows the total output produced by different units of a resource.Assume that the resource and output markets are both perfectly competitive.The equilibrium price of the resource is $15.00,and the equilibrium price of the product is $0.50. Table 14.2
 Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
Refer to Table 14.2.What is the marginal-factor cost for the third unit of the resource?
A)$13.00 
B)$15.00 
C)$17.50 
D)$195.00 
E)$19.50

The Following Table Shows the Total Output Produced by Different