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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

Answer :

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 = [tex]\frac{Change\ in\ Total\ Product}{Change\ in\ Capital}[/tex]

Total revenue = Price × Quantity

Marginal revenue Product = Marginal product × Price

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

${teks-lihat-gambar} Dryomys

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