please help me 9. Use the data in the table below to answer the following questions about a firm.Units of Units ofTotalMarginalOutputInput XInput Y Product Product of XPrice01235102525252542525236252222222140274222$10101010101010a. Complete the table by calculating the marginal product of input X.b. Compute the marginal revenue produce of input X.c. If the price of input X were $30 per unit, how many units should the firm use per unit oftime to maximize profit? Explain why profit is maximized.

Marginal revenue product is the extra revenue obtained through the utilization of a further unit of…

9. Use the data in the table below to answer the following questions about a firm. Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0 123456 25 25 2222222 25 25 25 23 25 0274222 $10 10 10 14 10 10 10 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.

9. Use the data in the table below to answer the following questions about a firm. Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0 123456 25 25 2222222 25 25 25 23 25 0274222 $10 10 10 14 10 10 10 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3PA

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