Question
Refer to the following table. Labor Output Price 0 0 $2.20 1 16 2.00 2 31 1.80 3 45 1.60 4 58 1.40 5 69
Refer to the following table.
| Labor | Output | Price |
| 0 | 0 | $2.20 |
| 1 | 16 | 2.00 |
| 2 | 31 | 1.80 |
| 3 | 45 | 1.60 |
| 4 | 58 | 1.40 |
| 5 | 69 | 1.20 |
| 6 | 78 | 1.00 |
Assume that the labor market is perfectly competitive. What are the values of marginal product and the marginal revenue product, respectively, for the third worker?
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Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Ro
7th Canadian Edition
007090653X, 978-0070906532, 978-0071339575
