Ronnie owns a cookie store. He has carefully recorded the number of cookies that his...
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Accounting
Ronnie owns a cookie store. He has carefully recorded the number of cookies that his shop can produce per day with different numbers of workers. The table below shows the different number of workers and the Total Product column shows their output. The current market price for Ronnies cookies is $0.80 per cookie. Assume this is a perfectly competitive market.
Fill in the Marginal Product, Total Revenue, and Marginal Revenue Product columns.
Instructions: Enter your answers as a whole number.
Ronnie's Cookie Store and Revenues
Labor (workers)
Total Product (cookies)
Marginal Product (cookies)
Price (dollars)
Total Revenue (dollars)
Marginal Revenue Product (dollars)
0
0
$0.80
$0
1
60
0.80
$
2
140
0.80
3
200
0.80
4
240
0.80
5
260
0.80
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