I am currently a college student and I am having problems I need help trying to figure out the correct formulas needed for a graph I must complete I was hoping someone could assist me with this .... I need help with which formula to use for the additional Profitpropro Profit from Hiring One More Worker Consider the values in the followingtable for Terrell’s Televisions.
A. Fillin the formula for MP, MRP, and Additional Profit at the top of the column inthe gray sections within the table.
B. Fillin the missing values for MP, MRP, and Additional Profit in the blue sectionsof the table.
A. Fillin the formula for MP, MRP, and Additional Profit at the top of the column inthe gray sections within the table.
B. Fillin the missing values for MP, MRP, and Additional Profit in the blue sectionsof the table.
Terrell's Televisions | ||||||
Number of Workers | Output of Televisions per Week | Marginal Product of Labor (MP) | Product Price | Marginal Revenue Product of Labor (MRP) | Wage (Dollars Per Week) | Additional Profit from Hiring One More Worker |
0 | 0 | 0 | $300 | 0 | $1,800 | 0 |
1 | 8 | 8 | 300 | 1,800 | ||
2 | 15 | 7.5 | 300 | 1,800 | ||
3 | 21 | 7 | 300 | 1,800 | ||
4 | 26 | 6.5 | 300 | 1,800 | ||
5 | 30 | 6 | 300 | 1,800 | ||
6 | 33 | 5.5 | 300 | 1,800 |