Chat with us, powered by LiveChat WHAT IS THE MARGINAL REVENUE PRODUCT OF THE 4TH WORKER? | Writedemy

WHAT IS THE MARGINAL REVENUE PRODUCT OF THE 4TH WORKER?

WHAT IS THE MARGINAL REVENUE PRODUCT OF THE 4TH WORKER?

ECO212: Principles of Microeconomics Quantity of workers Total Product Marginal Physical Product Show more ECO212: Principles of Microeconomics Quantity of workers Total Product Marginal Physical Product Price of Final Product Marginal Revenue Product 1 7 $10 2 18 9 3 30 8 4 40 7 5 48 6 6 52 5 26) In the above table What is the marginal revenue product of the 4th worker? ) $92 B) $70 C) $40 D) $8 27) In the above table if the marginal factor cost is $48 how many workers would be hired? A) 3 B) 4 C) 5 D) 6 28) Labor unions composed of workers who engage in a particular trade or skill such as carpentry are called A) craft unions. B) industrial unions. C) collective unions. D) closed unions. 29) Collective bargaining refers to A) negotiations between workers and health officials. B) negotiations between management of a company and a labor union. C) farming methods in Marxist states. D) the process of electing union leaders. Show less

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