Practice Question 1• If the price of the product is GH¢2.00 and cost per unit of labour isGH¢10.00, Complete the table below.Labour unitMRP - MLCMarginalProductTotalAverageTotalMarginalTotalTRP -TLCMarginalLabour CostProductProductRevenueRevenueLabour CostProductProduct110102520345304604070506.7560778708.8080

Given: Price of product (P)=GH 2 Cost of labor=GH 10

Practice Question 1 If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table below. TRP -TLC Marginal Product Labour unit Total Marginal Total Average Product Marginal Labour Cost Total MRP - MLC Product Revenue Revenue Labour Cost Product Product 1 10 10 2 25 20 3 45 30 4 60 40 70 50 6. 75 60 7 78 70 8. 80 80

Practice Question 1 If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table below. TRP -TLC Marginal Product Labour unit Total Marginal Total Average Product Marginal Labour Cost Total MRP - MLC Product Revenue Revenue Labour Cost Product Product 1 10 10 2 25 20 3 45 30 4 60 40 70 50 6. 75 60 7 78 70 8. 80 80

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 4TY

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