Question 24 You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of product X. Furthermore, assume that each unit of product X sells for $26.16, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is $58.85 per week. Determine the value marginal product (VMPL) of the 7th worker. Labor (L) Capital (K) Output (Q) 0 3 0 3 15 1 3 35 2 3 60 3 4 3 95 3 145 5 3 215 6 7 8 3 33 3 315 395 9 10 3 33 440 460 3 475 11 12 3 485 hedule detailing the weekly total production of per week, and the cost of each unit of capital is tz uolzsano C
Question 24 You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of product X. Furthermore, assume that each unit of product X sells for $26.16, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is $58.85 per week. Determine the value marginal product (VMPL) of the 7th worker. Labor (L) Capital (K) Output (Q) 0 3 0 3 15 1 3 35 2 3 60 3 4 3 95 3 145 5 3 215 6 7 8 3 33 3 315 395 9 10 3 33 440 460 3 475 11 12 3 485 hedule detailing the weekly total production of per week, and the cost of each unit of capital is tz uolzsano C
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Typed plz please provide me a high quality solution for good rating and take care of plagiarism
Transcribed Image Text:Question 24
You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of
product X. Furthermore, assume that each unit of product X sells for $26.16, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is
$58.85 per week. Determine the value marginal product (VMPL) of the 7th worker.
Labor (L) Capital (K) Output (Q)
0
3
0
3
15
1
3
35
2
3
60
3
4
3
95
3
145
5
3
215
6
7
8
3
33
3
315
395
9
10
3
33
440
460
3
475
11
12
3
485
Transcribed Image Text:hedule detailing the weekly total production of
per week, and the cost of each unit of capital is
tz uolzsano
C
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
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education