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9. The owner of a car wash calculates that by hiring one additional worker, the car wash can wash 50 more cars per week at
9. The owner of a car wash calculates that by hiring one additional worker, the car wash can wash 50 more cars per week at an average of $7 per wash. The owner will pay the worker $9 per hour for 40 hours per week. Find the Marginal Benefit and Marginal Cost and tell me if the car wash should hire the worker. MB= MC = Conclusion: Why is this an example of a rational decision? 10. Use the table below to answer the following question # 0 Total Units Marginal Price of Total Marginal Marginal Worker Produced # of Units each unit Revenue for Revenue Cost S Produce produce the units d produced 0 0 2.50 0 2.50 17.50 17.50 10.00 13 2.50 32.50 15.00 10.00 18 2.50 45.00 12.50 10.00 22 2.50 55.00 10.00 10.00 How many workers should this company hire? 11. Define the following four factors of production/ productive resources next to the terms. A. Land B. Labor C. Capital D. Entrepreneurship
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