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Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A producer wishes to determine how the addition of pounds of plastic will affect its MRP and profits. See the table below, and answer each of the questions.
|Pounds of plastic (quantity of resource)
||Number of assemblies (total product)
||Price of assemblies ($)
a. 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 should produce
d. The price of plastic is $135 per pound. To maximize profit, the producer should buy and use:
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