-According to the above table, if the price of the good produced is $5 and the wage rate is $400, then the marginal revenue product of the 7th worker is

Question

Quizplus · Accepted Answer

The marginal revenue product of the 7th worker is the difference between the total revenue earned when the 7th worker is employed and the total revenue earned when the 6th worker is employed. The total revenue earned when the 7th worker is employed is $5 * 7 = $35. The total revenue earned when the 6th worker is employed is $5 * 6 = $30. Therefore, the marginal revenue product of the 7th worker is $35 - $30 = $5.

-According to the Above Table, If the Price of the Good