The Table Below Shows the Total Output Produced by Different

question 110

Multiple Choice

The table below shows the total output produced by different units of a resource. Assume that the resource and output markets are both perfectly competitive. The equilibrium price of the resource is $15.00, and the equilibrium price of the product is $0.50.Table 14.2
Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
-Refer to Table 14.2. What is the marginal factor cost for the third unit of the resource?

• A)$13.00
• B)$15.00
• C)$17.50
• D)$195.00
• E)$19.50

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