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" columns 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 (workers) of earrings) Marginal Revenue Marginal Product (pairs of earrings) 0 0 Price (dollars) $5 Total Revenue (dollars) Product (dollars) $0 1 20 20 5 $ 2 34 14 5 3 46 12 5 4 57 11 5 5 66 9 5 6 72 6 5 7 75 3 5

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Question
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" columns
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
(workers)
of earrings)
Marginal Revenue
Marginal Product
(pairs of earrings)
0
0
Price
(dollars)
$5
Total Revenue
(dollars)
Product (dollars)
$0
1
20
20
5
$
2
34
14
5
3
46
12
5
4
57
11
5
5
66
9
5
6
72
6
5
7
75
3
5
Transcribed Image Text: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" columns 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 (workers) of earrings) Marginal Revenue Marginal Product (pairs of earrings) 0 0 Price (dollars) $5 Total Revenue (dollars) Product (dollars) $0 1 20 20 5 $ 2 34 14 5 3 46 12 5 4 57 11 5 5 66 9 5 6 72 6 5 7 75 3 5
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