(table: labor supply and total product): for questions 23, and 24. Marginal Reve
ID: 1237763 • Letter: #
Question
(table: labor supply and total product): for questions 23, and 24.Marginal Revenue Product and Demand
Units of Variable Factor (labor) Total Products
0 0
1 20
2 50
3 90
4 120
5 140
6 150
7 150
8 140
In the table above: Marginal Revenue Product and Demand) If the product price is $2 per unit and the price of the factor of production is $20 per unit, the profit-maximizing quantity of the factor (labor) is _______ units.
A) 2
B) 4
C) 6
D) 8
In the table above, if the product price is 3 dollars, what
Explanation / Answer
A C
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