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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Production data for Bob's Bicycle Factory are as follows:
Wunber of Morkers
Bikes asseabled 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 worker. Don't forget to
consider Bob's cost for parts.
Number of
Marginal
Value of the sarginal
workers
product
12
produet fer each worker
b. Complete the following table showing Bob's demand curve for labor.
Hunber of
workers
Daily wage
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