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The following table depicts the number of computer printers produced by Hewlett-Packard at various level of labor input per week. Assume the printers sell
The following table depicts the number of computer printers produced by Hewlett-Packard at various level of labor input per week. Assume the printers sell for $100 each. Calculate the marginal product of labor. (Enter numeric responses in the table below using real numbers.) Calculate the marginal revenue product of labor. If the market wage rate is $1150 per week, then Hewlett-Packard should hire workers. Quantity of Labor Output of Printers Per Week Marginal Product of Labor 0 0 1 21 2 40 3 57 4 72 5 85 6 96 Quantity of Labor Output of Printers Per Week Marginal Product of Labor Marginal Revenue Product of Labor 0 0 1 21 21 2 40 19 3 57 17 4 72 15 5 85 13 6 96 11
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