Production data for Bob's Bicycle Factory are as follows: Wunber of Morkers Dikes assenbled per day 12 22 30 36 40 Other than wages, Bob has costs of $100 (for parts and so on) for each bike assembled. Instructions: Enter your responses as whole numbers a. Bikes sell for $130 each. Find the marginal product and the value of the marginal product for each worket. Don't forget to consider Bob's cost for parts. Value of the sarginal produet fer each worker Nunber of Harginal produet 12 workers b. Complete the following table showing Bob's demand curve for labor. Hunber of workees Dally wage

Production data for Bob's Bicycle Factory are as follows: Wunber of Morkers Dikes assenbled per day 12 22 30 36 40 Other than wages, Bob has costs of $100 (for parts and so on) for each bike assembled. Instructions: Enter your responses as whole numbers a. Bikes sell for $130 each. Find the marginal product and the value of the marginal product for each worket. Don't forget to consider Bob's cost for parts. Value of the sarginal produet fer each worker Nunber of Harginal produet 12 workers b. Complete the following table showing Bob's demand curve for labor. Hunber of workees Dally wage

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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