Question

# (1) Quantity of Factor X (2) Quantity of Output (3) Product Price (4) Marginal Physical Product...

 (1) Quantity of Factor X (2) Quantity of Output (3) Product Price (4) Marginal Physical Product (5) Marginal Revenue Product 0 10 \$110 1 18 \$110 C 2 24 \$110 A D 3 27 \$110 B E 4 28 \$110 F

The dollar amounts that go in blanks E and F are, respectively,

a. \$330 and \$110.

b. \$70 and \$60.

c. \$84 and \$72.

d. \$60 and \$70.

e. There is not enough information to answer the question.

Could you explain this?

Option a

\$330 and \$110

MP(n)=(TP(n)-TP(p))/(n-p)
MP(n)=marginal product of n th unit of input
TP(n)= total product of n inputs
TP(p)=total product of p inputs
it is true for n>p
MP(1)=(18-10)/(1-0)=8 and so on

MRP(3)=3*110=330 and MRP(4)=1*110=\$110

 Quantity of Quantity of Product Marginal Marginal Factor X Output Price Physical Product Revenue Product 0 10 110 1 18 110 8 880 2 24 110 6 660 3 27 110 3 330 4 28 110 1 110

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