Suppose a campus restaurant increases the number of workers it hires from 2 workers per day to 4 workers per day. As a result, its total revenue increases from $90 per day to $200 per day. Instructions: Enter your answers rounded to two decimal places. a. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker? 2$ b. Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the current weekly wage rate in the labor market? 2$ per week

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose a campus restaurant increases the number of workers it hires from 2 workers per day to 4 workers per day. As a result, its
total revenue increases from $90 per day to $200 per day.
Instructions: Enter your answers rounded to two decimal places.
a. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker?
$
b. Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the
current weekly wage rate in the labor market?
per week
Transcribed Image Text:Suppose a campus restaurant increases the number of workers it hires from 2 workers per day to 4 workers per day. As a result, its total revenue increases from $90 per day to $200 per day. Instructions: Enter your answers rounded to two decimal places. a. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker? $ b. Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the current weekly wage rate in the labor market? per week
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