The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is at its maximum and equals 30. The marginal revenue product of labor is $300. The price of its output is $

$10

Explanation:

The computation of the price of the output is given below;

As per the given data

At the time when the average product is maximum, so the average product is equivalent to the marginal product

Therefore, AP = MP= 30

MRP = 300

Now

MRP = MP × MR

300= 30 × MR

MR= 300 ÷ 30

= 10

So,

 P= MR= 10

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