Answer :
Certainly! Let's begin by completing the table with the "Total Revenue" and "Marginal Revenue Product" columns.
### Total Revenue
Total Revenue is calculated by multiplying the Total Product by the price of each product. The price given for each pair of earrings is \$5.00.
[tex]\[ \begin{aligned} &\text{For 0 workers:} &0 \times 5 &= \$0 \\ &\text{For 1 worker:} &8 \times 5 &= \$40 \\ &\text{For 2 workers:} &20 \times 5 &= \$100 \\ &\text{For 3 workers:} &28 \times 5 &= \$140 \\ &\text{For 4 workers:} &34 \times 5 &= \$170 \\ &\text{For 5 workers:} &38 \times 5 &= \$190 \\ &\text{For 6 workers:} &40 \times 5 &= \$200 \\ &\text{For 7 workers:} &41 \times 5 &= \$205 \\ \end{aligned} \][/tex]
### Marginal Revenue Product
Marginal Revenue Product is calculated by multiplying the Marginal Product by the price.
[tex]\[ \begin{aligned} &\text{For 1 worker:} &8 \times 5 &= \$40 \\ &\text{For 2 workers:} &12 \times 5 &= \$60 \\ &\text{For 3 workers:} &8 \times 5 &= \$40 \\ &\text{For 4 workers:} &6 \times 5 &= \$30 \\ &\text{For 5 workers:} &4 \times 5 &= \$20 \\ &\text{For 6 workers:} &2 \times 5 &= \$10 \\ &\text{For 7 workers:} &1 \times 5 &= \$5 \\ \end{aligned} \][/tex]
Now, adding these values to the table:
[tex]\[ \begin{array}{|c|c|c|c|c|c|} \hline \text{Labor} (\text{workers}) & \text{Total Product} (\text{pairs of earrings}) & \text{Marginal Product} (\text{pairs of earrings}) & \text{Price} (\text{dollars}) & \text{Total Revenue} (\text{dollars}) & \text{Marginal Revenue Product} (\text{dollars}) \\ \hline 0 & 0 & - & 5 & 0 & - \\ \hline 1 & 8 & 8 & 5 & 40 & 40 \\ \hline 2 & 20 & 12 & 5 & 100 & 60 \\ \hline 3 & 28 & 8 & 5 & 140 & 40 \\ \hline 4 & 34 & 6 & 5 & 170 & 30 \\ \hline 5 & 38 & 4 & 5 & 190 & 20 \\ \hline 6 & 40 & 2 & 5 & 200 & 10 \\ \hline 7 & 41 & 1 & 5 & 205 & 5 \\ \hline \end{array} \][/tex]
This completes the table with the correct values for Total Revenue and Marginal Revenue Product.
### Total Revenue
Total Revenue is calculated by multiplying the Total Product by the price of each product. The price given for each pair of earrings is \$5.00.
[tex]\[ \begin{aligned} &\text{For 0 workers:} &0 \times 5 &= \$0 \\ &\text{For 1 worker:} &8 \times 5 &= \$40 \\ &\text{For 2 workers:} &20 \times 5 &= \$100 \\ &\text{For 3 workers:} &28 \times 5 &= \$140 \\ &\text{For 4 workers:} &34 \times 5 &= \$170 \\ &\text{For 5 workers:} &38 \times 5 &= \$190 \\ &\text{For 6 workers:} &40 \times 5 &= \$200 \\ &\text{For 7 workers:} &41 \times 5 &= \$205 \\ \end{aligned} \][/tex]
### Marginal Revenue Product
Marginal Revenue Product is calculated by multiplying the Marginal Product by the price.
[tex]\[ \begin{aligned} &\text{For 1 worker:} &8 \times 5 &= \$40 \\ &\text{For 2 workers:} &12 \times 5 &= \$60 \\ &\text{For 3 workers:} &8 \times 5 &= \$40 \\ &\text{For 4 workers:} &6 \times 5 &= \$30 \\ &\text{For 5 workers:} &4 \times 5 &= \$20 \\ &\text{For 6 workers:} &2 \times 5 &= \$10 \\ &\text{For 7 workers:} &1 \times 5 &= \$5 \\ \end{aligned} \][/tex]
Now, adding these values to the table:
[tex]\[ \begin{array}{|c|c|c|c|c|c|} \hline \text{Labor} (\text{workers}) & \text{Total Product} (\text{pairs of earrings}) & \text{Marginal Product} (\text{pairs of earrings}) & \text{Price} (\text{dollars}) & \text{Total Revenue} (\text{dollars}) & \text{Marginal Revenue Product} (\text{dollars}) \\ \hline 0 & 0 & - & 5 & 0 & - \\ \hline 1 & 8 & 8 & 5 & 40 & 40 \\ \hline 2 & 20 & 12 & 5 & 100 & 60 \\ \hline 3 & 28 & 8 & 5 & 140 & 40 \\ \hline 4 & 34 & 6 & 5 & 170 & 30 \\ \hline 5 & 38 & 4 & 5 & 190 & 20 \\ \hline 6 & 40 & 2 & 5 & 200 & 10 \\ \hline 7 & 41 & 1 & 5 & 205 & 5 \\ \hline \end{array} \][/tex]
This completes the table with the correct values for Total Revenue and Marginal Revenue Product.
