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

Reference no: EM13245033

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 the question.

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

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

The marginal product of the 3rd pound of rubber is _______________.

Reference no: EM13245033

Questions Cloud

Explain relationship between the mc curve and avc curves : Output 1 2 3 4 5 6 7 8 9 Variable Costs $35 75 110 140 175 215 260 315 390 a. Show AFC, ATC, AVC, and MC in a table b. Graph the AFC , ATC, AVC, and MC curves c. Explain the relationship between the MC curve and AVC and ATC curves.

Define the molar mass of citric acid : A student used 20.0 mL of 0.1035 M NaOH to titrate 20 mL of orange juice. How many grams of citric acid were present in the sample? The molar mass of citric acid, H3C6H5O7, is 192.12 g/mol.

Compute the ph of a solution that is made by combining : calculate the ph of a solution that is made by combining 125 ml of 0.050 M hydrofluoric acid with 50 mL of 0.10 M sodium fluoride

Ow far will the projectile travel in horizontal direction : A projectile is fired at v0 = 381.0 m/s at an angle of ? = 65.7o with respect to the horizontal, How far will the projectile travel in the horizontal direction, R

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

Explain what volume of sodium hydroxide is diluted : What volume of 6.00 M sodium hydroxide in milliliters must be diluted to 209.0 mL to make a 1.50 M solution of sodium hydroxide

Compute the firms profits assuming equal split : 1. Find the Cartel solution (total output and price) and compute the firms profits assuming equal split (each rm producing half of total output). 2. Find and draw on a graph the firms reaction functions.

What potential would be needed to stop the electrons : When yellow light from a sodium lamp shines on a certain photocell, What potential would be needed to stop the electrons if light with 4000 A is used

Define social welfare as sum of consumers and producers : There are H consumers and n firms. The demand of each consumer is x(p) = 1 - p and the cost function of each firm is c(y) = (y)^2/2. Compute the competitive equilibrium price, quantity and the consumers' and producers' surplus as functions of H and n..

User Account

All Pages