-Refer to the above table. If the price of the good produced is $7, the marginal revenue product of the 11th worker is

Question

Quizplus · Accepted Answer

The marginal revenue product of the 11th worker is the difference in total revenue between employing 11 workers and 10 workers. From the table, we can see that employing 11 workers results in a total revenue of $77,000, while employing 10 workers results in a total revenue of $70,700. Therefore, the marginal revenue product of the 11th worker is $77,000 - $70,700 = $6,300.

-Refer to the Above Table