Marginal revenue product practice problems

Microeconomics Unit 5. Try each one, then open the worked solution. The Credit Sprint app generates unlimited new versions with fresh numbers.

Problem 1.

The 5th worker adds 17 units of output, which sells for $5 each in a perfectly competitive market. What is that worker's MRP?

Show solution

MRP = MP × P = 17 × $5 = $85.

Problem 2.

The 5th worker adds 4 units of output, which sells for $10 each in a perfectly competitive market. What is that worker's MRP?

Show solution

MRP = MP × P = 4 × $10 = $40.

Problem 3.

The 5th worker adds 14 units of output, which sells for $15 each in a perfectly competitive market. What is that worker's MRP?

Show solution

MRP = MP × P = 14 × $15 = $210.

Problem 4.

The 5th worker adds 12 units of output, which sells for $15 each in a perfectly competitive market. What is that worker's MRP?

Show solution

MRP = MP × P = 12 × $15 = $180.

Problem 5.

The 5th worker adds 12 units of output, which sells for $2 each in a perfectly competitive market. What is that worker's MRP?

Show solution

MRP = MP × P = 12 × $2 = $24.

Problem 6.

The 5th worker adds 3 units of output, which sells for $10 each in a perfectly competitive market. What is that worker's MRP?

Show solution

MRP = MP × P = 3 × $10 = $30.