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Varvara68 [4.7K]
3 years ago
15

Henry bakes loaves of bread, which he sells for $4 each. He is considering purchasing additional mixers (capital) for his bakery

. Each additional mixer has the productivity described below. Fill in the “Marginal Product,” “Total Revenue,” and “Marginal Revenue Product” columns. Assume this is a perfectly competitive market.
Capital (mixers) Product (loaves of bread) Product(loaves of bread) Price (dollars) Revenue (dollars) Revenue Product (dollars)
0 0 — $4 $0 — 1 8 4 $ 2 20 4 3 28 4 4 34 4 5 38 4 6 40 4 7 41 4

Business
1 answer:
babunello [35]3 years ago
6 0

Answer: The complete table is as follows:

Explanation:

The following are the formulas for calculating marginal product , total revenue and marginal revenue product:

Marginal product = \frac{Change\ in\ Total\ Product}{Change\ in\ Capital}

Total revenue = Price × Quantity

Marginal revenue Product = Marginal product × Price

By using these formulas, I have completed the following table:

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