Kaiser's Ice Cream Parlor produces smoothies. The market for smoothies is perfectly competitive, and the price is $4.00 a smoothie. The labor market is competitive, and the wage rate is $48.00 a day. The table shows part of the workers' total product schedule. Calculate the marginal product of hiring the fourth worker and the value of the marginal product of the fourth worker. ACECHI The marginal product of hiring the fourth worker is smoothies a day. The value of the marginal product of the fourth worker is $ a day. Workers 2 345WN 6 Smoothies per day 28 40 50 58 62 mpts

Kaiser's Ice Cream Parlor produces smoothies. The market for smoothies is perfectly competitive, and the price is $4.00 a smoothie. The labor market is competitive, and the wage rate is $48.00 a day. The table shows part of the workers' total product schedule. Calculate the marginal product of hiring the fourth worker and the value of the marginal product of the fourth worker. ACECHI The marginal product of hiring the fourth worker is smoothies a day. The value of the marginal product of the fourth worker is $ a day. Workers 2 345WN 6 Smoothies per day 28 40 50 58 62 mpts

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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