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April 18, 2014

Homework Help: microeconomics problems

Posted by linda on Sunday, November 14, 2010 at 9:39am.

The GreenAcres mowing company wants to buy the new “Titan3000” lawn mowers. Assume that the lawn mowers are expected to last indefinitely, that operating expenses are negligible, and that the price per acre of mowed lawn is expected to remain constant in the future. The lawn mowing market is perfectly competitive with a market price of $25 per acre. The price of a “Titan300” lawn mower is $5,000. Exhibit 13-8 shows the number of acres that can be mowed with the new lawn mowers. The marginal revenue product of the second lawn mower is:

a. $10,000
b. $5,000
c. $2,500
d. $1750
e. $1,000

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