Chalimbana university farm is about to hire workers for its production of cabbage in a space of 5 months. as a student of farm management, you decide to increase the labour by 2 units at the first output,1 unit in the second and third output, 16 units in the fourth output and 20 units in the fifth output at each production level. The farm then realizes an output of 10,25, 65,30, and 30 in that period. The farm workers got a wage of k40 per month.a. Calculate the following at different level of output.i. marginal product, (MP) ii marginal revenue product (MRP) iii marginal resource cost (MRC)
Chalimbana university farm is about to hire workers for its production of cabbage in a space of 5 months. as a student of farm management, you decide to increase the labour by 2 units at the first output,1 unit in the second and third output, 16 units in the fourth output and 20 units in the fifth output at each production level. The farm then realizes an output of 10,25, 65,30, and 30 in that period. The farm workers got a wage of k40 per month.a. Calculate the following at different level of output.i. marginal product, (MP) ii marginal revenue product (MRP) iii marginal resource cost (MRC)
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Chalimbana university farm is about to hire workers for its production of cabbage in a space of 5 months. as a student of farm management, you decide to increase the labour by 2 units at the first output,1 unit in the second and third output, 16 units in the fourth output and 20 units in the fifth output at each production level. The farm then realizes an output of 10,25, 65,30, and 30 in that period. The farm workers got a wage of k40 per month.
a. Calculate the following at different level of output.
i. marginal product, (MP)
ii marginal revenue product (MRP)
iii marginal resource cost (MRC)
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Understanding Business
Management
ISBN:
9781259929434
Author:
William Nickels
Publisher:
McGraw-Hill Education
Management (14th Edition)
Management
ISBN:
9780134527604
Author:
Stephen P. Robbins, Mary A. Coulter
Publisher:
PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract…
Management
ISBN:
9781305947412
Author:
Cliff Ragsdale
Publisher:
Cengage Learning
Management Information Systems: Managing The Digi…
Management
ISBN:
9780135191798
Author:
Kenneth C. Laudon, Jane P. Laudon
Publisher:
PEARSON
Business Essentials (12th Edition) (What's New in…
Management
ISBN:
9780134728391
Author:
Ronald J. Ebert, Ricky W. Griffin
Publisher:
PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:
9780134237473
Author:
Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:
PEARSON