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
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Chapter1: Making Economics Decisions
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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
to $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)
Transcribed Image Text: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 to $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)
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