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25 January, 05:25

A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. The marginal revenue product of the second worker is

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  1. 25 January, 06:52
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    The marginal revenue product of second worker is $24.

    Explanation:

    The marginal revenue product measures the amount by which the addition of one more worker increases a firm's total revenue.

    Given:

    Total product produced by first worker - 24

    Total product produced by two workers - 32

    Total product produced by three workers - 37

    Total product produced by four workers - 40

    Cost of one product - $3

    Wage of a worker - $13

    Marginal revenue product of second worker = $24
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