A firm sells pairs of jeans. The market price for a pair of jeans is $30. With one worker the firm
can make 9 pairs of jeans in an hour. With two workers the firm can make 19 pairs of jeans in
an hour. What is the marginal revenue product of labor for the second worker? (1 point)
$300 per hour
$840 per hour
$570 per hour
$270 per hour
To find the marginal revenue product of labor for the second worker, we need to calculate the additional revenue generated by adding the second worker.
With one worker, the firm produces 9 pairs of jeans in an hour, generating a revenue of 9 * 30 = $270.
With two workers, the firm produces 19 pairs of jeans in an hour, generating a revenue of 19 * 30 = $570.
Therefore, the marginal revenue product of labor for the second worker is $570 - $270 = $300 per hour.
So, the correct answer is:
$300 per hour