Question: Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP and profits. See the table below, and answer each of the questions. (40pts/10pts each)

a. The marginal product of the 3^rd pound of rubber is _______________.

b. The marginal revenue product of the 3^rd pound of rubber is ________.

c. The price of rubber is $110 per pound. To maximize profit, the widget producer should produce

_______ ___________.

d. The price of rubber is $110 per pound. To maximize profit, the widget producer should buy and use: ____