Question
Listed below is information on production for a firm that produces wheat.They can vary the number of workers.The land they use is fixed at one
Listed below is information on production for a firm that produces wheat.They can vary the number of workers.The land they use is fixed at one acre.
The Wage is $ 40 The land costs $ 100The wheat sells for $ 10 per unit
1) With 3 workers TOTAL PRODUCT is equal to ? #of workers Marginal product
1.....................20
2) With 5 workers TOTAL PRODUCT is equal to?2.....................60
3.................... 100
3) With 4 workers TOTAL COST is equal to ?4......................70
5......................10
4) With 6 workers TOTAL REVENUE equal to?6........................4
7.........................1
5)With 7 workers, TOTAL REVENUE is equal to ?
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