Exhibit 10-1 Use the Information in the Accompanying Chart to Answer

question 105

Multiple Choice

Exhibit 10-1 Use the information in the accompanying chart to answer the following question(s) . The firm hires labor competitively and sells its product in a competitive price-taker market. $$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Units of Labor } \\\text { (per day) }\end{array} & \begin{array} { c } \text { Total Output } \\\text { (dollars) }\end{array} & \begin{array} { c } \text { Product } \\\text { Price }\end{array} \\\hline 1 & 15 & 6 \\2 & 30 & 6 \\3 & 40 & 6 \\4 & 48 & 6 \\5 & 54 & 6 \\6 & 59 & 6 \\7 & 62 & 6 \\\hline\end{array}$$ Refer to Exhibit 10-1. What is the marginal revenue product of the fifth unit of labor?

• A) $6.
• B) $36.
• C) $54.
• D) $324.