A company has the following production relationships: Number of Workers Output 11 18 26 33 The marginal product of the fourth worker is units. If the marginal product of the third worker were 7 units, and the price of the output is $10, the third worker's marginal revenue product is $ If the marginal product of the third worker were 7 units, and the price of the output is $10, then the maximum amount the company would be willing to pay the third worker if he or she were hired is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then the output market improves dramatically and the output price doubles to $20. The new maximum amount the company would be willing to pay the third worker is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then a new technology makes each worker more productive and marginal product doubles. The new maximum amount the company would be willing to pay the third worker is $ Assume output price remains at $10.

A company has the following production relationships: Number of Workers Output 11 18 26 33 The marginal product of the fourth worker is units. If the marginal product of the third worker were 7 units, and the price of the output is $10, the third worker's marginal revenue product is $ If the marginal product of the third worker were 7 units, and the price of the output is $10, then the maximum amount the company would be willing to pay the third worker if he or she were hired is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then the output market improves dramatically and the output price doubles to $20. The new maximum amount the company would be willing to pay the third worker is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then a new technology makes each worker more productive and marginal product doubles. The new maximum amount the company would be willing to pay the third worker is $ Assume output price remains at $10.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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