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28 Sep 2019
Which of the events below will cause an increase in the marginal revenue product of labor?
a. an increase in the marginal product of labor
b. an increase in the price of the final good
c. a technology improvement
d. all of the above
Consider the table above. What is the marginal revenue product of the 5th worker
a. $10 b. $20 c. $4 d. $6
Labor
Output
MP of labor
MRP labor
Wage
Marginal Profit
0
0
NA
NA
NA
NA
1
4
4
40
30
10
2
10
30
3
5
50
30
4
3
30
0
5
20
6
21
1
30
-20
Which of the events below will cause an increase in the marginal revenue product of labor?
a. an increase in the marginal product of labor
b. an increase in the price of the final good
c. a technology improvement
d. all of the above
Consider the table above. What is the marginal revenue product of the 5th worker
a. $10 b. $20 c. $4 d. $6
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Anne Gillian DueroLv10
28 Sep 2019