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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

When a perfectly competitive firm employs one worker, it produces 20 units of output, and when it employs two workers, it produces 39 units of output. The firm sells its product for $10 per unit. What is the marginal revenue product connected with hiring the second worker?

To determine

Calculate Marginal Revenue Product (MRP).

Explanation

When the price of the nuts is $10 per unit and marginal product (MP) is 19 units, the marginal revenue product can be calculated as follows:

Marginal revenue product=Marginal product

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