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.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter11: Labor Markets
Section: Chapter Questions
Problem 2SQP
Related questions
Question
![A company has the following production relationships:
Number of Workers
Output
11
18
26
33
4
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd0423ea-af91-4c81-b7fa-e5cc2f4d5d75%2F4c99fa9f-1c1f-4f79-92f1-e6e2ce7dd9c9%2F97j07rj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A company has the following production relationships:
Number of Workers
Output
11
18
26
33
4
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.
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