if the firm sells its product at the market price of $10 per unit, the marginal revenue product of the fourth worker is

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Tundexi Tundexi · Answer 1 · 2022-07-04T18:01:34+02:00

The marginal revenue product of the fourth worker is $50

The product of the fourth worker is equal to the marginal product of the fourth worker.

The amount that production increases when a fourth worker is added and multiplied by the price of the product.

MRP = (26-21)*$10

MRP = $50.

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adioabiola adioabiola · Answer 2 · 2022-07-05T02:30:03+02:00

The marginal revenue product of the fourth worker if the firm sells its product at the market price of $10 per unit is $50.

The marginal revenue product (MRP) of labor refers to the extra revenue earned by hiring an extra unit of labor.

Marginal product(MP): This is the the extra unit of output produced as a result of additional unit of input.

MRP of the fourth worker = MP of the fourth worker × price of the product.= (26 - 21) units × $10= 5 × $10= $50

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