A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage

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A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage rate. The price of a cup of coffee is $4 and the value of marginal product of workers in the coffee shop is $12 an hour.

What is the marginal product of the coffee shop workers? How much does a coffee shop worker earn?

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Foundations Of Economics

ISBN: 9780135897478

9th Edition

Authors: Robin Bade, Michael Parkin

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Question Posted: Jan 06, 2023 12:17 AM

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A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage

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The marginal product of the fifth worker is 3 cups of coffee an hour The value of marg...View the full answer

Foundations Of Economics

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