Marginal revenue product is defined as the change

Marginal Revenue ProductMarginal revenue product is defined as the change in total revenue that results from theemployment of an additional unit of a resource. A producer wishes to determine how theaddition of pounds of plastic will affect its MRP and profits. See the table below, andanswer each of the questions.Pounds of plastic (quantityof resource)012345Number ofPrice ofassemblies (total product) assemblies ($)015133011409557585a. 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 shouldproduce__________________.d. The price of plastic is $135 per pound. To maximize profit, the producer should buyand use:________________.

 

 

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