The following table shows the product price of a perfectly competitive firm and the output produced by the firm. From the table, it can be said that the marginal revenue product of the third machine is _____.
Table 11.1
Definitions:
Demand Curve
A graph showing the relationship between the price of a product and the quantity of the product that consumers are willing to purchase.
Price Elasticity
A measure reflecting how demand for a particular good shifts with adjustments in its pricing.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers at those prices, typically downward sloping.
Total Revenue
The total income a firm receives from the sale of its products, calculated by multiplying price by quantity sold.
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