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The tablebelow shows the number of units of output that a firm can produce per day, as function of the number ofworkers hired. The firm is price-taker in both the labor market and the output market. The market priceof a unit of output is $20, and the market daily wage rate is $150. The firm has no costs besides labor.

# of workers hired                                                            # of units of output produced

          1                                                                                                        8

          2                                                                                                       20

          3                                                                                                       30

          4                                                                                                       36

         5                                                                                                        40

 

What is the marginal revenue product of labor for the fourth worker hired?a) $720  .b) $6.  c) $180.  d) $120   .e) $20.

Please show your work.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91570329

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