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Microweek7assignment.docxAssignment
Marginal Revenue Product
Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A producer wishes to determine how the addition of pounds of plastic will affect its MRP and profits. See the table below, and answer each of the questions.
|
Pounds of plastic (quantity of resource) |
Number of assemblies (total product) |
Price of assemblies ($) |
|
0 |
0 |
- |
|
1 |
15 |
13 |
|
2 |
30 |
11 |
|
3 |
40 |
9 |
|
4 |
55 |
7 |
|
5 |
58 |
5 |
a. The marginal product of the 3rd pound of plastic is ________.
b. The marginal revenue product of the 3rd pound of plastic is ______.
c. The price of plastic is $135 per pound. To maximize profit, the producer should produce
__________________.
d. The price of plastic is $135 per pound. To maximize profit, the producer should buy and use:
________________.
|
Grading Criteria Assignments |
Maximum Points |
|
Meets or exceeds established assignment criteria |
40 |
|
Demonstrates an understanding of lesson concepts |
20 |
|
Clearly presents well-reasoned ideas and concepts |
30 |
|
Uses proper mechanics, punctuation, sentence structure, and spelling |
10 |
|
Total |
100 |
