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Suppose a firm can sell their product for $15 per unit, and they are considering hiring a 4th worker who will increase total product by
Suppose a firm can sell their product for $15 per unit, and they are considering hiring a 4th worker who will increase total product by 50 units. Suppose further that total costs associated with hiring a given number of workers is provided in the following table:
Number of Workers | Total Costs |
0 | $1,000 |
1 | $2,200 |
2 | $3,200 |
3 | $4,000 |
4 | $4,600 |
5 | $5,000 |
6 | $5,200 |
7 | $5,600 |
8 | $6,200 |
The firm either should or should not hire the 4th worker because the Maringal Revenue
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