Question: Q5. What is the incremental analysis? Use the incremental analysis to f ind the Economics efficiency in the following production table . ( 1 points)
Q5. What is the incremental analysis? Use the incremental analysis to find the Economics efficiencyin the following production table. (1 points) Detailed information and discussion is necessary. (Hint: Please see the additional class notes of incremental analysis of chapter 11 on the student portal)
Output (Q) | Net Revenue | Marginal Revenue | Amount of Labor | Total cost of Labor | Marginal cost of Labor |
0 | 0 |
| 0 | 0 |
|
20 | 900 | 900 | 1 | 400 | 400 |
50 | 2100 | 1200 | 2 | 900 | 500 |
84 | 3500 | 1400 | 3 | 1600 | 700 |
110 | 4600 | 1100 | 4 | 2380 | 780 |
120 | 5440 | 840 | 5 | 3180 | 800 |
126 | 5990 | 550 | 6 | 4030 | 850 |
122 | 5890 | -100 | 7 | 4910 | 880 |
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