Question: Suppose that labor is the only input used by a perfectly competitive firm. To the right is the firm's daily 'production function'. [ See

Suppose that labor is the only input used by a perfectly competitive

Suppose that labor is the only input used by a perfectly competitive firm. To the right is the firm's daily 'production function'. [ See below for the table] (a) Calculate the marginal product, MP, for each additional worker. (b) Each unit of output sells for $10. Calculate the marginal revenue product of each worker. Quantity of labor 0 1 2 3 4 5 6 7 Total Product 0 8 15 21 26 30 33 35 MP MRP @ if MR = $10 MRP @ if MR = $12

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