$$\begin{array}{l}
\begin{array} {ccc }
\text { Units of Input}&\text { Units of Output }\
1 & 4 \
2 & 9 \
3 & 13 \
4 & 15 \
5 & 16 \
6 & 16 \
7 & 15
\end{array}
\end{array}$$
-If this firm were a perfect competitor selling its entire output at a price of $10,the marginal revenue product of the fourth unit of output would be

Question

$$\begin{array}{l}
\begin{array} {ccc } 
\text { Units of Input}&\text { Units of Output }\
1 & 4 \
2 & 9 \
3 & 13 \
4 & 15 \
5 & 16 \
6 & 16 \
7 & 15
\end{array}
\end{array}$$
-If this firm were a perfect competitor selling its entire output at a price of $10,the marginal revenue product of the fourth unit of output would be

Quizplus · Accepted Answer

The marginal revenue product (MRP) is calculated by multiplying the marginal product (MP) of the input by the price of the output. The MP of the fourth unit is the change in output from the third to the fourth unit, which is 15 - 13 = 2. Therefore, MRP = 2 * $10 = $20.

-If This Firm Were a Perfect Competitor Selling Its Entire