After the fifth worker is hired at the hourly wage $40, the output rate increases from 64 pairs of shoes per hour to 72 pairs per hour.” Given the statement, which of the following is correct after the fifth worker is hired? Group of answer choices The marginal cost (MC) becomes $8. The marginal physical product (MPP) per labor hour becomes 5. The marginal cost (MC) becomes $5. The marginal physical product (MPP) per labor hour becomes $40.
After the fifth worker is hired at the hourly wage $40, the output rate increases from 64 pairs of shoes per hour to 72 pairs per hour.” Given the statement, which of the following is correct after the fifth worker is hired? Group of answer choices The marginal cost (MC) becomes $8. The marginal physical product (MPP) per labor hour becomes 5. The marginal cost (MC) becomes $5. The marginal physical product (MPP) per labor hour becomes $40.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
“After the fifth worker is hired at the hourly wage $40, the output rate increases from 64 pairs of shoes per hour to 72 pairs per hour.” Given the statement, which of the following is correct after the fifth worker is hired?
Group of answer choices
The marginal cost (MC) becomes $8.
The marginal physical product (MPP) per labor hour becomes 5.
The marginal cost (MC) becomes $5.
The marginal physical product (MPP) per labor hour becomes $40.
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