Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 13.1, Problem 2ST
To determine
Difference between Marginal Revenue Product (MRP) and Value Marginal Product (VMP).
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What is the difference between marginal revenue product(MRP) and value marginal product (VMP)?
What is the difference between total and marginal product?
Total product is the output produced; marginal product is the change in total output with respect to the change in one unit of output.
Total product is only related to revenue while marginal product is only related to cost.
They are the same; there is no difference.
Total product is the change in total output with respect to the change in one unit of output; marginal product is the output produced.
The table below shows the number of workers and total output. Calculate marginal and average product for each worker.
Number of Workers
Total Production
Marginal Product
Average Product
1
100
2
220
3
300
4
340
The marginal product of the third worker is Blank 1 and the average product when three workers are employed is
The marginal product of the fourth worker is Blank 3 and the average product when fourth workers are employed is
Chapter 13 Solutions
Microeconomics
Ch. 13.1 - Prob. 1STCh. 13.1 - Prob. 2STCh. 13.1 - Prob. 3STCh. 13.1 - Prob. 4STCh. 13.2 - Prob. 1STCh. 13.2 - Prob. 2STCh. 13.2 - Prob. 3STCh. 13.2 - Prob. 4STCh. 13 - Prob. 1QPCh. 13 - Prob. 2QP
Ch. 13 - Prob. 3QPCh. 13 - Compare the firms least-cost rule with how buyers...Ch. 13 - Prob. 5QPCh. 13 - Prob. 6QPCh. 13 - Prob. 7QPCh. 13 - Prob. 8QPCh. 13 - Prob. 9QPCh. 13 - Prob. 10QPCh. 13 - Prob. 11QPCh. 13 - Prob. 12QPCh. 13 - Prob. 13QPCh. 13 - Prob. 14QPCh. 13 - Prob. 15QPCh. 13 - Prob. 16QPCh. 13 - Prob. 1WNGCh. 13 - Prob. 2WNGCh. 13 - Prob. 3WNGCh. 13 - Prob. 4WNGCh. 13 - Prob. 5WNG
Knowledge Booster
Similar questions
- What are the factor payments for land, labor, and capital?arrow_forwardFill in the tableTotal, Average, and Marginal Product of a Soap ManufacturerNumber of Workers Total Output perdayAverage Product Marginal Product1 50 bars2 1253 2204 3205 4106 4907 5608 6109 64010 630A. Using the data in the table, graph and explain the following:a. Total Outputb. Average Productc. Marginal Productarrow_forwardd. Calculate the marginal product of capital MPK. e. Calculate the marginal product of labor (MPL).arrow_forward
- 1. AK.25L.75 A=4 K= 75 L= 76 a. marginal product of capital b. total payments of laborarrow_forwardFrom the table below, what can you infer is the market price in dollars of the product? (# of Labor inputworkers) 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 $6arrow_forwardQ1) From the table below illustrate the data in the table by graph: Table 1. Find ; TP, MPL and APL Labor Total product Marginal product Average product 0 0 1 15 2 30 3 40 4 45 5 50 6 50arrow_forward
- Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.arrow_forwardLabour (Units) Total Product (TPP) (MPP)0 01 1002 2503 3504 4005 4206 420Calculate and plot the average product and marginal product What is the most favourable number of workers for this business to hire, indicate such on the grapharrow_forwardMarginal product is: a. the change in total product divided by the change in the quantity of labor. b. total product divided by the quantity of labor. c. always positive. d. unrelated to total product.arrow_forward
- If the total product of two workers is 80 and the total product of three workers is 90, then the average product of the three workers is ________ and the marginal product of the third worker is ________. a. 20; 30 b. 160; 110 c. 30; 10 d. 20; 3.33 e. All the other answers are wrong.arrow_forwardWhat is the definition of Marginal Revenue Product? Give an examplearrow_forwardThe marginal product of labor is the additional: a) wage paid for an additional hour of work. b) wage paid for an additional worker employed. c) labor employed to produce one more unit of output. d) output produced by one more worker.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax