Table 11.2
$$\begin{array} { | c | c | c | c | c | }
\begin{array} { c }
\text { Workers } \
\text { per Day }
\end{array} & \text { Total Product } & \text { Marginal Product } & \begin{array} { c }
\text { Total } \
\text { Revenue } \
( \$ )
\end{array} & \begin{array} { c }
\text { Marginal } \
\text { Revenue } \
\text { Froduct } ( \$ )
\end{array} \
\hline 0 & 0 & - & 0 & - \
\hline 1 & 100 & & 1,000 & 1,000 \
\hline 2 & & 95 & 1,950 & 950 \
\hline 3 & 285 & 90 & & 900 \
\hline 4 & 370 & & 3,700 & 850 \
\hline 5 & & 80 & 4,500 & 800 \
\hline
\end{array}$$
-Refer to Table 11.2,which shows the product price of a perfectly competitive firm and the output produced by the firm.The product price is _____
A)$10.
B)$2,850.
C)85 units.
D)$900.
E)450 units.

Question

Table 11.2
 $$\begin{array} { | c | c | c | c | c | } 
\begin{array} { c } 
\text { Workers } \
\text { per Day }
\end{array} & \text { Total Product } & \text { Marginal Product } & \begin{array} { c } 
\text { Total } \
\text { Revenue } \
( \$ )
\end{array} & \begin{array} { c } 
\text { Marginal } \
\text { Revenue } \
\text { Froduct } ( \$ )
\end{array} \
\hline 0 & 0 & - & 0 & - \
\hline 1 & 100 & & 1,000 & 1,000 \
\hline 2 & & 95 & 1,950 & 950 \
\hline 3 & 285 & 90 & & 900 \
\hline 4 & 370 & & 3,700 & 850 \
\hline 5 & & 80 & 4,500 & 800 \
\hline
\end{array}$$
-Refer to Table 11.2,which shows the product price of a perfectly competitive firm and the output produced by the firm.The product price is _____
A)$10.
B)$2,850.
C)85 units.
D)$900.
E)450 units.

Quizplus · Accepted Answer

The product price can be determined by dividing the total revenue by the total product for any given number of workers. For example, with 1 worker, the total revenue is $1,000 and the total product is 100 units, which gives a product price of $10 ($1,000 / 100 units = $10). This calculation is consistent across all entries where both total revenue and total product are provided.

Table 112 -Refer to Table 11