Acompetitive firm sells its output for $50 per unit. assume that labor is the only input that varies for the firm. the marginal product of the 10th worker is 10 units of output per day; the marginal product of the 11th worker is 8 units of output per day. the firm pays its workers a wage of $160 per day. for the 10th worker, the value of the marginal product of labor is:
a. $400.
b. $1,280.
c. $500.
d. $250.

C) $500

Explanation:

I understand what we need to find is the Marginal Revenue product of labor.

It is given by the formula MRP = Marginal Product * Marginal Revenue

Marginal revenue being the price of $50 so,

For the 10th worker MRP = 10 units * $50 = $500

Marginal revenue product of labor is the total contribution in the revenue of an additional unit of labor.

Hope that helps.

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