From the table below, what can you infer is the market price in dollars of the product? (# of Labor input workers) Total product (# of goods) Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 0 - - 1 12 12 $24 2 21 9 $18 3 28 7 $14 4 32 4 $8 5 35 3 $6

From the table below, what can you infer is the market price in dollars of the product? (# of Labor input workers) Total product (# of goods) Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 0 - - 1 12 12 $24 2 21 9 $18 3 28 7 $14 4 32 4 $8 5 35 3 $6

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

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Question

From the table below, what can you infer is the market price in dollars of the product?

(# of Labor input workers)	Total product (# of goods)	Marginal Product of Labor (MP_L)	Marginal Revenue Product of Labor (MRP_L)
0	0	-	-
1	12	12	$24
2	21	9	$18
3	28	7	$14
4	32	4	$8
5	35	3	$6

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