Stephanie produces earrings. She sells each pair of earrings for $5. 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" colum 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 Total Product (pairs of earrings) (workers) 0 0 1 28 2 44 3 58 4 71 5 82 6 90 7 95 Marginal Product (pairs of earrings) 28 16 14 13. 11 8 5 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) $0 Marginal Revenue Product (dollars) $

Stephanie produces earrings. She sells each pair of earrings for $5. 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" colum 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 Total Product (pairs of earrings) (workers) 0 0 1 28 2 44 3 58 4 71 5 82 6 90 7 95 Marginal Product (pairs of earrings) 28 16 14 13. 11 8 5 Price (dollars) $5 5 5 5 5 5 5 5 Total Revenue (dollars) $0 Marginal Revenue Product (dollars) $

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.1: Factor Markets

Problem 1ST

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