Questions Are Based on the Data in the Following

Questions are based on the data in the following table. Assume that the labor market is perfectly competitive.


$\begin{array}{cc}\begin{array}{cc}\underline{\text { Labor }} & \underline{\text { Output }} \\0 & 0 \\1 & 15 \\2 & 29 \\3 & 42 \\4 & 54 \\5 & 65\end{array}\begin{array}{r}\underline{\text { Price }} \\\$ 2.20 \\2.00 \\1.80 \\1.60 \\1.40 \\1.20\end{array}\end{array}$

-What are the values of marginal product and the marginal revenue product,respectively,for the fourth worker?

A) $67.20; $9.60
B) $12.60; $9.60
C) $16.80; $8.40
D) $67.20; $62.40

Correct Answer:

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