Question

Units of Labor Quantity of Output Marginal Revenue

0 0 5
1 $500 $5
2 900 $5
3 1150 $5
4 1350 $5
5 1530 5
The marginal revenue product of the fifth unit of labor is______.

Answer 1

$7,650

Step-by-step explanation:

Calculation for the marginal revenue product of the fifth unit of labor

Using this formula

Fifth unit of Labor marginal revenue product=Fifth Quantity of Output*Marginal Revenue

Let plug in the formula

Fifth unit of Labor marginal revenue product=1,530 *$5

Fifth unit of Labor marginal revenue product=$7,650

Therefore the marginal revenue product of the fifth unit of labor is $7,650