Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) (workers) e e 1 35 2 52 3 67 4 81 5 93 6 102 7 108 Marginal Product (pairs of earrings) 35 17 15 14 12 9 6 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) se Marginal Revenue Product (dollars) $

Stephanie produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) (workers) e e 1 35 2 52 3 67 4 81 5 93 6 102 7 108 Marginal Product (pairs of earrings) 35 17 15 14 12 9 6 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) se Marginal Revenue Product (dollars) $

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 1ST

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