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Suppose, due to a technological innovation, the marginal product of each worker rises by four. At the same time, due to tight labor markets, the
Suppose, due to a technological innovation, the marginal product of each worker rises by four. At the same time, due to tight labor markets, the wages that you must pay rise to $100 per day. Additionally, preferences for your product rise and thus prices rise to $4.00. Given these new conditions, on a piece of scrap paper, fill in a table like the following. The current wage is $100 and the price of output (Q) is equal to $4.00
I am trying to fill in Q as I think I know the MPL for this
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