Table 11.4 ​ Number of Workers ​ Total Product ​ Product Price ($) 0 0 4 1 15 4 2 29 4 3 42 4 4 54 4 5 65 4 6 75 4 7 84 4 8 92 4 9 99 4 10 105 4 Refer to Table 11.4 for the data for a perfectly...



Table 11.4



































































Number of Workers




Total


Product




Product


Price ($)



0



0



4



1



15



4



2



29



4



3



42



4



4



54



4



5



65



4



6



75



4



7



84



4



8



92



4



9



99



4



10



105



4




Refer to Table 11.4 for the data for a perfectly competitive firm. The first column shows the number of workers employed in production, the second column shows the total product of the firm, and the third column shows its product price. From the data in the table, it can be said that the marginal revenue product begins to decline with the second worker hired.

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Jun 08, 2022
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