Use the Data in the Table Below to Answer the Following

question 119

Essay

Use the data in the table below to answer the following questions about a firm.
Units of Units of Total Marginal Output
Input X Input Y Product Product of X Price
0 25 0 $10
1 25 2 10
2 25 7 10
3 25 14 10
4 25 20 10
5 25 23 10
6 25 24 10
a. Complete the table by calculating the marginal product of input X.
b. Compute the marginal revenue produce of input X.
c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.

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Definitions:

Diastereotopic

Refers to atoms or groups in a molecule that are not equivalent and have different spatial relationships to the rest of the molecule, leading to diastereomers when they are substituted.

Chemically Equivalent

Atoms or groups in a molecule that are indistinguishable in a chemical reaction, often having the same connective pattern and environment.

Enantiotopic

Describes atoms or groups of atoms in a molecule that are mirror images of each other but are not superimposable, similar to one's left and right hands.

Quintet

A group of five lines or peaks observed close together in a spectroscopic measurement, often indicative of a specific atomic or molecular structure.