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Marginal revenue product of second unit of labor

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Reference no: EM131971908

The following table shows productivity for different units of labor:

Labor Units              Total Product 

1                                  12

2                                  21

3                                  27 

4                                  32

5                                  36

(A) If the firm's product sells for a constant $2.00 per unit, what is the marginal revenue product of the third unit of labor?

(B)  If the firm's product sells for a constant $2.00 per unit and the wage rate is $8, how many units of labor will this firm hire?

(C) If the firm can sell 12 units of its product at $1.00 per unit and and 21 units at $0.80 per unit, what is the marginal revenue product of the second unit of labor?

Reference no: EM131971908

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