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Stephanie produces earrings. She sells each pair of earrings for $5.00. The table below shows how many pairs of earrings can be produced, depending on
Stephanie produces earrings. She sells each pair of earrings for $5.00. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanie hires. Fill in the \"Total Revenue and \"Marginal Revenue Product\" columns using the information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanie's Earring Shop and Revenues Total Product (pairs Marginal Product Price Total Revenue Marginal Revenue (dollars) LSSy Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $10 per worker. Ass is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the "Total Labor Cost" and "Marginal Resource Cost" columns in the table below. Stephanie's Resource Costs Labor Total Labor Cost Marginal Resource Cost (workers ) (dollars per hour ] (dollars per hour] 1 $ 3 4 b. Graph the marginal resource cost of labor (MRC) for Stephanie's business. Instructions: Use the tool provided "MRC' to plot the line point by point, starting from 1 worker up to 7 workers (7 points total) O Marginal Resource Cost Wage Rate (dollars per hour) $12 Tools $10 MRC 34 7 3 5 B Quantity of Labor (workers)
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