Question
Complete the following table. a. Suppose the price of output is $10 per unit. What are the marginal physical product and the marginal revenue product
Complete the following table.
a. Suppose the price of output is $10 per unit. What are the marginal physical product and the marginal revenue product of the sixth worker?
MPP = _____
MRP = _____
b. If the wage of each worker is $140 per day, should the sixth worker be hired? _____
c. Use the graph below to graph the Marginal Revenue Product and Wage Rate.
Number of Workers 0 1 2 3 4 5 6 7 8 9 10 Units of Output 0 7 15 25 40 54 65 75 84 90 95 Marginal Physical Product Marginal Revenue Product Wage Marginal Revenue Product or Wage Rate (dollars per day) $240 220 20 0 6 Quantity (workers per day) 8 6 10
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Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
23rd Edition
978-0324662962
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