Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In this Decision Point activity, you explored the value of your labor and how you value other's labor. Use what you learned in the decision

In thisDecision Pointactivity, you explored the value of your labor and how you value other's labor. Use what you learned in the decision point activity to answer the following question.

Ramone's Drones Inc. makes local deliveries using small drones. Ramone is looking to hire an additional pilot to help with increased delivery needs. He currently brings in $8000 per month, but with the new pilot, thinks he'll be able to increase his revenue to $9250 per month.

What is the monthly marginal revenue from hiring the additional pilot, which is referred to as the marginal revenue product of labor or MRPL?

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

Step: 3

blur-text-image

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

Research In Forest Economics And Forest Policy

Authors: Marion Clawson

1st Edition

1317362624, 9781317362623

More Books

Students also viewed these Economics questions

Question

Box

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago