The table below lists the marginal product per hour of workers in a light bulb factory. Light bulbs sell for $2 each, and there are no costs to producing them other than labor costs. Compute the value of the marginal product for each additional worker. Instructions: Enter your responses as whole numbers. Number of Workers Marginal Product (Light bulbs per hour) Value of marginal product 1 24 $ 2 22 3 20 4 18 5 16 6 14 7 12 8 10 9 8 10 6 a. If the going hourly wage for factory workers is $24 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $36 per hour, then the factory manager should hire workers. b. Graph the factory's demand for labor. Instructions: Only the two end points need to be plotted to graph the curve. c. Assume that light bulbs instead sell for $3 each. Graph the factory's new demand for labor and in indicate the number of workers the factory manager should hire if the hourly wage for factory workers is $24 per hour and $36 per hour.
The table below lists the marginal product per hour of workers in a light bulb factory. Light bulbs sell for $2 each, and there are no costs to producing them other than labor costs. Compute the value of the marginal product for each additional worker.
Instructions: Enter your responses as whole numbers.
| Number of Workers | Marginal Product (Light bulbs per hour) | Value of marginal product |
| 1 | 24 | $ |
| 2 | 22 | |
| 3 | 20 | |
| 4 | 18 | |
| 5 | 16 | |
| 6 | 14 | |
| 7 | 12 | |
| 8 | 10 | |
| 9 | 8 | |
| 10 | 6 |
a. If the going hourly wage for factory workers is $24 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $36 per hour, then the factory manager should hire workers.
b. Graph the factory's demand for labor.
Instructions: Only the two end points need to be plotted to graph the curve.
c. Assume that light bulbs instead sell for $3 each. Graph the factory's new demand for labor and in indicate the number of workers the factory manager should hire if the hourly wage for factory workers is $24 per hour and $36 per hour.
Instructions: Only the two end points need to be plotted to graph the curve. Indicate the number of workers hired at each wage level using the tools labeled 'Wage $24' and 'Wage $36.'
d. Suppose the supply of factory workers in the town in which the light bulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If light bulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $__________ per hour, and if light bulbs sell for $3 each it will be $_______ per hour.
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