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Labor Total Product MP TR MRP TC MRC Total Profit 0 0 ? ? - $9.11 - ? 1 10 ? ? $13.80 $36.71 $27.60
Labor Total Product MP TR MRP TC MRC Total Profit 0 0 ? ? - $9.11 - ? 1 10 ? ? $13.80 $36.71 $27.60 ? 2 39 ? ? $40.02 $64.31 $27.60 ? 3 81 ? ? $57.96 $91.91 $27.60 ? 4 106 ? ? $34.50 $119.51 $27.60 ? 5 129 ? ? $31.74 $147.11 $27.60 ? 6 143 ? ? $19.32 $174.71 $27.60 ? 7 126 ? ? -$23.46 $202.31 $27.60 ?
| Labor | Total Product | MP | TR | MRP | TC | MRC | Total Profit |
|---|---|---|---|---|---|---|---|
| 0 | 0 | ? | ? | - | $9.11 | - | ? |
| 1 | 10 | ? | ? | $13.80 | $36.71 | $27.60 | ? |
| 2 | 39 | ? | ? | $40.02 | $64.31 | $27.60 | ? |
| 3 | 81 | ? | ? | $57.96 | $91.91 | $27.60 | ? |
| 4 | 106 | ? | ? | $34.50 | $119.51 | $27.60 | ? |
| 5 | 129 | ? | ? | $31.74 | $147.11 | $27.60 | ? |
| 6 | 143 | ? | ? | $19.32 | $174.71 | $27.60 | ? |
| 7 | 126 | ? | ? | -$23.46 | $202.31 | $27.60 | ? |
Assume final product price is $1.38. What is the profit maximizing labor quantity?
Group of answer choices
A. 6
B. 2
C. 5
D. 7
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Entrepreneurship
Authors: Andrew Zacharakis, William D Bygrave
5th Edition
1119563097, 9781119563099
