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The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are 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 1 2 3 4 5 6 7 8 9 10 Marginal Product (Lightbulbs per hour) 40 36 32 28 24 20 16 12 8 4 Value of marginal product a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire in finstead the hourly wage for factory workers is $72 per hour, then the factory manager should workers. If hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour, and if lightbulbs sell for $3 each it will be $ per hour

The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are 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 1 2 3 4 5 6 7 8 9 10 Marginal Product (Lightbulbs per hour) 40 36 32 28 24 20 16 12 8 4 Value of marginal product a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire in finstead the hourly wage for factory workers is $72 per hour, then the factory manager should workers. If hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour, and if lightbulbs sell for $3 each it will be $ per hour

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are no com 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 1 2 3 4 5 6 7 8 9 10 Harginal Product (Lightbulbs per Value of marginal hour) product $ 40 36 32 28 24 20 16 12 8 4 a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire hourly wage for factory workers is $72 per hour, then the factory manager should hire [ workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour, and if lightbulbs sell for $3 each it will be $ per hour.
Transcribed Image Text:The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are no com 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 1 2 3 4 5 6 7 8 9 10 Harginal Product (Lightbulbs per Value of marginal hour) product $ 40 36 32 28 24 20 16 12 8 4 a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire hourly wage for factory workers is $72 per hour, then the factory manager should hire [ workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour, and if lightbulbs sell for $3 each it will be $ per hour.
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