Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with this Also on second part , Based on the first law of the labor market, should the coal company hire a

I need help with this Also on second part , Based on the first law of the labor market, should the coal company hire a third worker if the wage rate is $180 per week? [Note that all the measurements on the table are also per week]a.Yes, because the marginal revenue product of labor is higher than the wage rate. b.Yes, because the marginal product of labor is positive.c.No, because the additional revenue brought by this worker is smaller than the wage rate.d.No, because the third worker produces less than the second worker

image text in transcribed
Number of Total Marginal Average workers Output Product Product O O 28.5 m 23.5 in 103 20.6 The table above represents a coal company where the price of coal is competitively priced at $10 per ton. What is the marginal revenue product of labor (MRPL) of the third worker? O a. $210 O b. $21 O c. $260 O d. $780

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economic Relations Since 1945

Authors: Catherine R Schenk

2nd Edition

1351183567, 9781351183567

More Books

Students also viewed these Economics questions