Answer :
Let's break down the solution step-by-step.
1. Total Revenue (TR): Total Revenue is calculated by multiplying the Total Product (pairs of earrings) with the Price (dollars per pair).
2. Marginal Revenue Product (MRP): Marginal Revenue Product is calculated by multiplying the Marginal Product (additional pairs of earrings produced by hiring one more worker) with the Price (dollars per pair).
Let's populate the table using the given data.
### Calculations:
1. Total Revenue (TR)
For each row:
- [tex]\( \text{TR} = \text{Total Product} \times \text{Price} \)[/tex]
- For 0 workers: [tex]\( \text{TR} = 0 \times 4 = 0 \)[/tex]
- For 1 worker: [tex]\( \text{TR} = 24 \times 4 = 96 \)[/tex]
- For 2 workers: [tex]\( \text{TR} = 42 \times 4 = 168 \)[/tex]
- For 3 workers: [tex]\( \text{TR} = 58 \times 4 = 232 \)[/tex]
- For 4 workers: [tex]\( \text{TR} = 73 \times 4 = 292 \)[/tex]
- For 5 workers: [tex]\( \text{TR} = 86 \times 4 = 344 \)[/tex]
- For 6 workers: [tex]\( \text{TR} = 96 \times 4 = 384 \)[/tex]
- For 7 workers: [tex]\( \text{TR} = 103 \times 4 = 412 \)[/tex]
2. Marginal Revenue Product (MRP)
For each row (starting with 1 worker, as MRP for 0 workers is undefined):
- [tex]\( \text{MRP} = \text{Marginal Product} \times \text{Price} \)[/tex]
- For 1 worker: [tex]\( \text{MRP} = 24 \times 4 = 96 \)[/tex]
- For 2 workers: [tex]\( \text{MRP} = 18 \times 4 = 72 \)[/tex]
- For 3 workers: [tex]\( \text{MRP} = 16 \times 4 = 64 \)[/tex]
- For 4 workers: [tex]\( \text{MRP} = 15 \times 4 = 60 \)[/tex]
- For 5 workers: [tex]\( \text{MRP} = 13 \times 4 = 52 \)[/tex]
- For 6 workers: [tex]\( \text{MRP} = 10 \times 4 = 40 \)[/tex]
- For 7 workers: [tex]\( \text{MRP} = 7 \times 4 = 28 \)[/tex]
Now, let's fill in the table:
[tex]\[ \begin{array}{|c|c|c|c|c|c|c|c|} \hline \text{Labor (workers)} & \text{Total Product (pairs of earrings)} & \text{Marginal Product (pairs of earrings)} & \text{Price (dollars)} & \text{Total Revenue (dollars)} & \text{Marginal Revenue Product (dollars)} \\ \hline 0 & 0 & - & 4 & 0 & - \\ \hline 1 & 24 & 24 & 4 & 96 & 96 \\ \hline 2 & 42 & 18 & 4 & 168 & 72 \\ \hline 3 & 58 & 16 & 4 & 232 & 64 \\ \hline 4 & 73 & 15 & 4 & 292 & 60 \\ \hline 5 & 86 & 13 & 4 & 344 & 52 \\ \hline 6 & 96 & 10 & 4 & 384 & 40 \\ \hline 7 & 103 & 7 & 4 & 412 & 28 \\ \hline \end{array} \][/tex]
This completes the table with Total Revenue and Marginal Revenue Product for each number of workers hired by Stephanie.
1. Total Revenue (TR): Total Revenue is calculated by multiplying the Total Product (pairs of earrings) with the Price (dollars per pair).
2. Marginal Revenue Product (MRP): Marginal Revenue Product is calculated by multiplying the Marginal Product (additional pairs of earrings produced by hiring one more worker) with the Price (dollars per pair).
Let's populate the table using the given data.
### Calculations:
1. Total Revenue (TR)
For each row:
- [tex]\( \text{TR} = \text{Total Product} \times \text{Price} \)[/tex]
- For 0 workers: [tex]\( \text{TR} = 0 \times 4 = 0 \)[/tex]
- For 1 worker: [tex]\( \text{TR} = 24 \times 4 = 96 \)[/tex]
- For 2 workers: [tex]\( \text{TR} = 42 \times 4 = 168 \)[/tex]
- For 3 workers: [tex]\( \text{TR} = 58 \times 4 = 232 \)[/tex]
- For 4 workers: [tex]\( \text{TR} = 73 \times 4 = 292 \)[/tex]
- For 5 workers: [tex]\( \text{TR} = 86 \times 4 = 344 \)[/tex]
- For 6 workers: [tex]\( \text{TR} = 96 \times 4 = 384 \)[/tex]
- For 7 workers: [tex]\( \text{TR} = 103 \times 4 = 412 \)[/tex]
2. Marginal Revenue Product (MRP)
For each row (starting with 1 worker, as MRP for 0 workers is undefined):
- [tex]\( \text{MRP} = \text{Marginal Product} \times \text{Price} \)[/tex]
- For 1 worker: [tex]\( \text{MRP} = 24 \times 4 = 96 \)[/tex]
- For 2 workers: [tex]\( \text{MRP} = 18 \times 4 = 72 \)[/tex]
- For 3 workers: [tex]\( \text{MRP} = 16 \times 4 = 64 \)[/tex]
- For 4 workers: [tex]\( \text{MRP} = 15 \times 4 = 60 \)[/tex]
- For 5 workers: [tex]\( \text{MRP} = 13 \times 4 = 52 \)[/tex]
- For 6 workers: [tex]\( \text{MRP} = 10 \times 4 = 40 \)[/tex]
- For 7 workers: [tex]\( \text{MRP} = 7 \times 4 = 28 \)[/tex]
Now, let's fill in the table:
[tex]\[ \begin{array}{|c|c|c|c|c|c|c|c|} \hline \text{Labor (workers)} & \text{Total Product (pairs of earrings)} & \text{Marginal Product (pairs of earrings)} & \text{Price (dollars)} & \text{Total Revenue (dollars)} & \text{Marginal Revenue Product (dollars)} \\ \hline 0 & 0 & - & 4 & 0 & - \\ \hline 1 & 24 & 24 & 4 & 96 & 96 \\ \hline 2 & 42 & 18 & 4 & 168 & 72 \\ \hline 3 & 58 & 16 & 4 & 232 & 64 \\ \hline 4 & 73 & 15 & 4 & 292 & 60 \\ \hline 5 & 86 & 13 & 4 & 344 & 52 \\ \hline 6 & 96 & 10 & 4 & 384 & 40 \\ \hline 7 & 103 & 7 & 4 & 412 & 28 \\ \hline \end{array} \][/tex]
This completes the table with Total Revenue and Marginal Revenue Product for each number of workers hired by Stephanie.
