what is the marginal revenue product of the third unit of labor?
The following table shows productivity for different units of labor:
Labor Units Total Product
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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?
Please be advised that all answers must be supported by the work done. No work shown, no credit earned
