Complete the Table Below Price of a Unit of Output: $40

question 53

Essay

Complete the table below.
Phil's Lawn Care $$\begin{array} { | c | c | l | l | } \hline \text { Units of Labor } & \text { Output per Week } & \text { Marginal Product } & \text { Marginal Revenue } \\\hline 1 & 25 & & \\\hline 2 & 40 & & \\\hline 3 & 50 & & \\\hline 4 & 56 & & \\\hline 5 & 60 & & \\\hline\end{array}$$ Price of a unit of output: $40.
Cost to Phil's Lawn Care of hiring one more unit of labor: $300 per week.

---

Definitions:

Materials Price Variance

The variance between the real expense of materials and their anticipated (standard) price.

Raw Material

The basic substances or components that are processed or used in the manufacturing of goods.

Direct Labor-Hours

The cumulative number of labor hours directly engaged in manufacturing goods or services.

Materials Price Variance

The difference between the actual cost of materials and the standard cost, multiplied by the quantity of materials purchased.