QUESTION 11 Please refer to the table below displaying some cost, revenue and ou

Question

QUESTION 11 Please refer to the table below displaying some cost, revenue and output data for a hypothetical business. What is the correct value for the cell labelled "C"? Marginal Revenue Units of Employee Tota Resource Total Marginal Product Total Product Cost Per Marginal Labor per hourCost Cost (MRC) Product Product Price Revenue (MRP) $50 So $50 So sso 1 $100??1 $50 | 47 | 22 | $4 | $188 77 12S4$324 $324 na 0 na na 7 25 25 $4 $100 $100 $50 $150 $200 $250 $50 $300 $50 $50 $50 18 $4 $260 $72 $308 $48 65 12 81 81 So $50 O $62 O $77 O $88

Explanation / Answer

Marginal revenue product = Change in the revenue / Change in the quantity

= 188-100 / 2-1

= 88.

The answer is "D".  

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