Problem 08-03 (algo) The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are no costs to producing them other than labor costs. Compute the value of the marginal product for each additional worker. Instructions: Enter your responses as whole numbers. Number of Workers 1 2 3 4 5 6 7 8 9 10: Marginal Product (Lightbulbs per hour) 48 44 40 36 32 28 24 20 16 12 Value of marginal product $ a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire hourly wage for factory workers is $72 per hour, then the factory manager should hire [ workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour. per hour, and if lightbulbs sell for $3 each it will be $
Problem 08-03 (algo) The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are no costs to producing them other than labor costs. Compute the value of the marginal product for each additional worker. Instructions: Enter your responses as whole numbers. Number of Workers 1 2 3 4 5 6 7 8 9 10: Marginal Product (Lightbulbs per hour) 48 44 40 36 32 28 24 20 16 12 Value of marginal product $ a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire hourly wage for factory workers is $72 per hour, then the factory manager should hire [ workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour. per hour, and if lightbulbs sell for $3 each it will be $
Chapter1: Making Economics Decisions
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