Fig. AFig. C250$200150100500250150$200 +100O50010VMP=MRP4LS-MFC10MRPLS=MFC1020VMP2030 40.305040 50HLBLFig. BFig. D25020015010050025020015010050CO0$0043. Assuming the product price is $2.00, what is the Marginal Physical Product of Labor of the 30th unit of labor?O(a) 15(b) 25(c) 30(d) 35(e) 60$10VMP=MRPMRP1020VMP2030 403040LS50LS50MFCL1MFC

Marginal physical product of labor (MPPL) measures the change in the total product due to a change in labor by one unit. The value of the marginal product of labor (VMP) measures the value generated by each additional unit of labor. Formula:VMP = MPPL × Price. Assuming the product price is $2, the marginal physical product of labor (MPPL) of the 30th unit of labor is 60. Therefore, option (e) is correct. Explanation:According to the given graph, the VMP of the 30th unit of labor is 120.VMP = MPPL × Price. => 120 = MPPL × 2=> MPPL = (120 / 2)=> MPPL = 60. Hence, the marginal physical product of labor of the 30th unit of labor is 60.Assuming the product price is $2, the marginal physical product of labor (MPPL) of the 30th unit of labor is 60. Answer: Option (e)

Answered: 43. Assuming the product price is…

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43. Assuming the product price is $2.00, what is the Marginal Physical Product of Labor of the 30th unit of labor? O(a) 15 (b) 25 (c) 30 (d) 35 (e) 60

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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