Econ Resource Questions Correctly Answered.

Econ Resource Questions Correctly Answered. Stephanie produces earrings. She sells each pair of earrings for $5.00. 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. - CORRECT ANSWER TR = 40, 100, 140, 170, 190, 200, 205 MRP = 40,60,40,30,20,10,5 Pierre produces wedges of aged cheddar cheese and sells them for $10 each. The table below shows the labor productivity for Pierre's cheese-making business. Fill in the missing values. Assume this is a perfectly competitive market. - CORRECT ANSWER TP = 20, 92, 102 MP = 12, 8 TR = 440, 920, 1100 MRP = 100, 80, 50 Henry bakes loaves of bread, which he sells for $4 each. He is considering purchasing additional mixers (capital) for his bakery. Each additional mixer has the productivity described below. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns. Assume this is a perfectly competitive market. - CORRECT ANSWER MP= 8, 12, 8, 6, 4, 2, 1 TR= 32, 80, 112, 136, 152, 160, 164 MRP= 32, 48, 32, 24, 16, 8, 4 Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $10 per worker. Assume this is a perfectly competitive market. Fill in the "Total Labor Cost" and "Marginal Resource Cost" columns in the table below. - CORRECT ANSWER TLC= 10, 20, 30, 40, 50, 60,70 MRC = 10 Henry is shopping for mixers (capital) for his bakery. Each mixer costs $40. Assume this is a perfectly competitive market.