What is the marginal product of the 3rd pound of rubber

Assignment Help Econometrics

Reference no: EM13187695

Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP and profits. See the table below, and answer each of the questions.

Pounds of rubber Number of widgets Price
(quantity of resource) (total product) of widgets ($)

0 0 -
1 20 12
2 35 10
3 45 8
4 50 6
5 53 4

a. The marginal product of the 3rd pound of rubber is _____.

b. The marginal revenue product of the 3rd pound of rubber is ____.

c. The price of rubber is $110 per pound. To maximize profit, the widget producer should produce _______.

d. The price of rubber is $110 per pound. To maximize profit, the widget producer should buy and use.

Reference no: EM13187695

Questions Cloud

State what are the two steps in the experimental procedures : What are the two steps in the Experimental Procedures that are incorporated to reduce the loss of the lead (2) iodide precipitate. Identify the steps in the procedure and the reason for each step.

State how do you derive the schrodinger equation : How do you derive the Schrodinger equation for a right angle isosceles triangle?

How many popsicles will be sold each day : ADVANCED ANALYSIS Currently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many p..

Compute the vant hoff factor for the cacl : solutions of CaCl2 and urea at 25 C are .961 and .398 atm, respectively. Calculate the Vant Hoff factor for the CaCl solution?

What is the marginal product of the 3rd pound of rubber : Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP and profits. Se..

State what mass of potassium oxalate is formed : What mass of potassium oxalate is formed? If 1.1 g of potassium oxalate are isolated in the laboratory, calculate the % yield.

How many kilometers are represented by this distance on map : the distance on the map between tallahassee and miami is 5.5 centimeter. how many kilometers are represented by this distance on the map?

How high up the wall does the ladder reach : A 26 foot is placed against a vertical wall of a building with the botton of the ladder standing on level ground 10 feet from the base of the building. how high up the wall does the ladder reach.

State what would be the charge of the imidazole side chain : What would be the charge of the imidazole side chain of histidine at pH 7? Assume the pKa of the side chain is 6.0. 8) Assume the pKa of the alpha-carboxyl group = 2.0 and the pKa of the alpha-amino group = 10.0. What would be the net charge of gly..

User Account

All Pages