The Following Questions Refer to the table below.
-If each unit of output is sold for $2,the marginal revenue product of the 6^th worker is

Question

The Following Questions Refer to the table below. -If each unit of output is sold for $2,the marginal revenue product of the 6^th worker is

Quizplus · Accepted Answer

The marginal revenue product (MRP) is calculated by multiplying the marginal product of labor (additional output from one more worker) by the price per unit of output. If the 6th worker's MRP is $20, it implies their marginal product is 10 units (since 10 units x $2 = $20).

The Following Questions Refer to the Table Below