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You have the following information regarding the marginal product of your workers: Workers Total Output Marginal Product 0 0 ----- 1 16 16 2 30
You have the following information regarding the marginal product of your workers:
Workers | Total Output | Marginal Product |
0 | 0 | ----- |
1 | 16 | 16 |
2 | 30 | 14 |
3 | 40 | 10 |
4 | 48 | 8 |
5 | 53 | 5 |
6 | 56 | 3 |
7 | 58 | 2 |
8 | 59 | 1 |
If the price you sell your product for is $18, and the wage you must pay your workers is $140, which of the following is correct based on what we discussed in the videos?
Multiple Choice
- You will hire the second worker but not the third
- You will hire the third worker but not the fourth
- You will hire the fourth worker but not the fifth
- You will hire the fifth worker but not the sixth
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