Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour.| Hours of Labor | Output ||----------------|--------|| 0 | 0 || 1 | 50 || 2 | 90 || 3 | 120 || 4 | 140 || 5 | 150 || 6 | 155 || 7 | 157 |1. The marginal product of labor for the first hour of labor is: [Enter your response as an integer]2. The value of the marginal product of labor for the first hour of labor is: [Round your response to two decimal places]3. If the wage paid to workers in Die Cast's plant is $25/hour, it should employ [Enter your response as an integer] worker(s).4. If the wage paid to workers in Die Cast's plant is $35/hour, it should employ [Enter your response as an integer] worker(s).5. If the wage is $25/hour, but the price of a bracket declines to $1.50, it should employ [Enter your response as an integer] worker(s).

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Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 1 120 140 150 155 157 The marginal product of labor for the first hour of labor is (Enter your response as an integer.) The value of the marginal product of labor for the first hour of labor isO (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employO worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.50, it should employ worker(s). (Enter your response as an integer.)

Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $2.00. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Hours of Labor Output 50 90 1 120 140 150 155 157 The marginal product of labor for the first hour of labor is (Enter your response as an integer.) The value of the marginal product of labor for the first hour of labor isO (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employO worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, should employ worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $1.50, it should employ worker(s). (Enter your response as an integer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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