Marginal Revenue Product–Please Answer the following Questions CORRECTLY

  

MRP.docx
mrp.docx

Unformatted Attachment Preview

Don't use plagiarized sources. Get Your Custom Essay on
Marginal Revenue Product–Please Answer the following Questions CORRECTLY
Just from $13/Page
Order Essay

MARGINAL REVENUE PRODUCT is defined as the change in total revenue that results from the employment of
an additional unit of a resource. A producer wishes to determine how the addition of pounds of plastic will
affect its MRP and profits. See the table below, and answer each of the questions.
Pounds of plastic
Number of assemblies
Price of assemblies
(quantity of resource)
(total product)
($)
0
0

1
15
13
2
30
11
3
40
9
4
55
7
5
58
5
a. The marginal product of the 3rd pound of plastic is ______________.
b. The marginal revenue product of the 3rd pound of plastic is ____________.
c. The price of plastic is $135 per pound. To maximize profit, the producer should produce
__________________.
d. The price of plastic is $135 per pound. To maximize profit, the producer should buy and use:
________________.

Purchase answer to see full
attachment

  
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more