Gaily output and revenue per worker Dany output and revenue per worker. 1 2 Number of Workers Marginal Revenue Product per Day $450 $500 3 5100 $450 y for the marijst orice 4 $400 5 $300 6 $100 The table above gives the short-run marginal revenue product of labor per day for a perfectly competitive firm. The data above is based on the finmis selling its product at the market price of $5. (Students will use the data to calculate the MP to be able to respond to all of the parts of the question) The workers are paid a per unit wage based on the their total production. 1. Diminishing marginal returns first occur with the hiring of which worker for the firm? 2. What is the number of units produced by he fifth (5) worker? 3. What is the highest per unit wage that the firm is willing to pay to hire the fifth (5) worker? 4. If the market price of the item rises to $7 per unit, what is the daily MRP of the fourth (4) worker? 5. If the wage of the workers is $2 per unit, what is the daily wage of the fourth (4) worker? 6. At a selling price of $7 per unit and a wage rate of $2 per unit, what it the profit made from fourth (4) worker?
Gaily output and revenue per worker Dany output and revenue per worker. 1 2 Number of Workers Marginal Revenue Product per Day $450 $500 3 5100 $450 y for the marijst orice 4 $400 5 $300 6 $100 The table above gives the short-run marginal revenue product of labor per day for a perfectly competitive firm. The data above is based on the finmis selling its product at the market price of $5. (Students will use the data to calculate the MP to be able to respond to all of the parts of the question) The workers are paid a per unit wage based on the their total production. 1. Diminishing marginal returns first occur with the hiring of which worker for the firm? 2. What is the number of units produced by he fifth (5) worker? 3. What is the highest per unit wage that the firm is willing to pay to hire the fifth (5) worker? 4. If the market price of the item rises to $7 per unit, what is the daily MRP of the fourth (4) worker? 5. If the wage of the workers is $2 per unit, what is the daily wage of the fourth (4) worker? 6. At a selling price of $7 per unit and a wage rate of $2 per unit, what it the profit made from fourth (4) worker?
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:Gaily output and revenue per worker
Dany output and revenue per worker.
1
2
Number of Workers
Marginal Revenue
Product per Day
$450
$500
3
5100
$450 y for
the marijst orice
4
$400
5
$300
6
$100
The table
above gives the short-run marginal revenue product of labor per day for a perfectly
competitive firm. The data above is based on the finmis selling its product at the market price
of $5. (Students will use the data to calculate the MP to be able to respond to all of the parts
of the question)
The workers are paid a per unit wage based on the their total production.
1. Diminishing marginal returns first occur with the hiring of which worker for the firm?
2. What is the number of units produced by he fifth (5) worker?
3. What is the highest per unit wage that the firm is willing to pay to hire the fifth (5)
worker?
4. If the market price of the item rises to $7 per unit, what is the daily MRP of the fourth (4)
worker?
5. If the wage of the workers is $2 per unit, what is the daily wage of the fourth (4) worker?
6. At a selling price of $7 per unit and a wage rate of $2 per unit, what it the profit made
from fourth (4) worker?
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