4 S Stephanie produces earrings. She sells each pair of earrings for $6. The table below...
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4 S Stephanie produces earrings. She sells each pair of earrings for $6. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor (workers) Total Product (pairs of earrings) 0 0 1 16 31 44 56 66 73 77 2 3 4 5 6 7 Marginal Product (pairs of earrings) 16 15 13 12 10 7 4 ہے Price (dollars) $6 6 6 6 6 6 6 6 Total Revenue (dollars) $0 Marginal Revenue Product (dollars) 4 S Stephanie produces earrings. She sells each pair of earrings for $6. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the "Total Revenue" and "Marginal Revenue Product" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Labor (workers) Total Product (pairs of earrings) 0 0 1 16 31 44 56 66 73 77 2 3 4 5 6 7 Marginal Product (pairs of earrings) 16 15 13 12 10 7 4 ہے Price (dollars) $6 6 6 6 6 6 6 6 Total Revenue (dollars) $0 Marginal Revenue Product (dollars)
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Step 12 Ans We know that Total revenue Price x quantity Explanation In ... View the full answer
Related Book For
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
Posted Date:
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