Table 16-2 Quantity of Labor Output of iPods per Week Marginal Product of Labor Product Price (dollars) Wage (dollars) 1 8 8 $300 $350 2 15 7 280 350 3 21 6 260 350 4 26 5 240 350 5 30 4 220 350 6 33 3 200 350 7 35 2 180 350 For the production data represented in this table, assume that labor is the only variable input. Refer to Table 16-2. The marginal profit from hiring the second unit of labor is Group of answer choices $4,200. $1,960. $1,450. $1,800.

Table 16-2 Quantity of Labor Output of iPods per Week Marginal Product of Labor Product Price (dollars) Wage (dollars) 1 8 8 $300 $350 2 15 7 280 350 3 21 6 260 350 4 26 5 240 350 5 30 4 220 350 6 33 3 200 350 7 35 2 180 350 For the production data represented in this table, assume that labor is the only variable input. Refer to Table 16-2. The marginal profit from hiring the second unit of labor is Group of answer choices $4,200. $1,960. $1,450. $1,800.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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