Explanation:
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180 days of the most recent paycheck reflecting the discrepancy.
Answer:
marginal revenue product = $2,500 for the 10 additional workers
Explanation:
The marginal revenue product is the amount of revenue generated by adding a certain number of workers into the production process. The marginal revenue product (MRP) is calculated by multiplying marginal product times the selling price
- the marginal product of the 10 additional workers = 50 shirts per day
- price per shirt= $50
MRP = 50 shirts x $50 per shirt = $2,500
to determine the MRP per worker = $2,500 / 10 workers = $250
Answer:
To maximize her profit, Jennifer should abandon the product.
Explanation:
To maximize the profit Jennifer should keep marginal benefit as higher as she can, this could happen keeping marginal revenue higher and marginal cost lower as much as she can.
In this case marginal cost is higher than the marginal revenue, which is resulting as a marginal loss. Each extra batch being sold will add a loss of $10 ($110-$120).
Jennifer should abandon the product because it will reduce the average marginal benefit or total profit gradually.
