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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Determine the appropriate numbers for the lettered spaces:

images

To determine

Fill in the blanks.

Explanation

Table 1 shows the quantity of output MPP, price or MR, TR, and MRP of factor X at different units.

Table 1

Units of Factor XQuantity of OutputMarginal Physical Product of X (MPPX )Product Price, Marginal Revenue (P=MR)Total RevenueMarginal Revenue Product of X (MRPX )
015081200
1249819272
2328825664
3397831256
4456836048
5505840040

The marginal physical product is calculated using Equation (1).

MPP = Total OutputPresentTotal OutputPrevious        (1)

  =2415=9

Thus, the MPP (marginal physical product) for 1 unit of factor is 9

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