Complete the following table. Marginal Physical Product Marginal Revenue Product Number of Units of Wage Workers Output 1 7 2 15 3 25 4 40 5 54 6 65 7 75 8 84 90 10 95 a. Suppose the price of output is $10 per unit. What are the marginal physical product and the marginal revenue product of the sixth worker? MPP MRP b. If the wage of each worker is $140 per day, should the sixth worker be hired? c. Use the graph below to graph the Marginal Revenue Product and Wage Rate.
Complete the following table. Marginal Physical Product Marginal Revenue Product Number of Units of Wage Workers Output 1 7 2 15 3 25 4 40 5 54 6 65 7 75 8 84 90 10 95 a. Suppose the price of output is $10 per unit. What are the marginal physical product and the marginal revenue product of the sixth worker? MPP MRP b. If the wage of each worker is $140 per day, should the sixth worker be hired? c. Use the graph below to graph the Marginal Revenue Product and Wage Rate.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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