Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by five units and total costs to increase from $2,700 per weekto $3,000 per week.What is the marginal product of the fifth worker? units. (Your answer should be a whole number.)What is the weekly wage rate earned by the fifth worker? $ (Your answer should be rounded to the nearest dollar)

It refers to the change in output(Q) that results from employing 1 additional unit of labor(L). It…

Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by five units and total costs to increase from $2,700 per week o $3,000 per week. What is the marginal product of the fifth worker? units. (Your answer should be a whole number.) What is the weekly wage rate earned by the fifth worker? $ (Your answer should be rounded to the nearest dollar)

Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by five units and total costs to increase from $2,700 per week o $3,000 per week. What is the marginal product of the fifth worker? units. (Your answer should be a whole number.) What is the weekly wage rate earned by the fifth worker? $ (Your answer should be rounded to the nearest dollar)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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