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Resource Demand Table Quantity of Labor TP MP Product Price $ TR $ MRP $ 1 12 XXXXX $ 8 XXXXX 2 28 $ 8
Resource Demand Table Quantity of Labor TP MP Product Price $ TR $ MRP $ 1 12 XXXXX $ 8 XXXXX 2 28 $ 8 3 42 $ 8 4 54 $ 8 5 64 $ 8 6 72 $ 8 Problem 1 a: Table Computations: Calculate the Marginal Product (MP), Total Revenue (TR), and Marginal Revenue Product (MRP) columns for the above schedule. Enter your answers in the answer boxes in the table. Formulas: (1) MP = TP Quantity of Labor; (2) TR = TP x Product Price; (3) MRP = TR Quantity of Labor
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