VMPL 7ihworker Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600- a. Calculate the marginal product of labor (MPL) for the 1360 - fifth and eighth workers. 1080 - 760 + MPL units 5worker 400 3 10 MPL units gihworker Quantity of workers b. Calculate the value of the marginal product of labor (VMPL) for the fourth and seventh workers. VMPL 4th worker Quantity of toffee (units)

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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VMPL
7ihworker
Transcribed Image Text:VMPL 7ihworker
Charlie owns his own candy factory where he employs
individuals to make his world-famous toffee. The graphs
show the factory's production for one day. Charlie pays
each worker $110 a day and sells his toffee for $0.50 each.
Use the accompanying graph to answer the following
2080
1960
Total product
questions.
1800
1600-
a. Calculate the marginal product of labor (MPL) for the
1360 -
fifth and eighth workers.
1080 -
760 +
MPL
units
5worker
400
3
10
MPL
units
gihworker
Quantity of workers
b. Calculate the value of the marginal product of labor
(VMPL) for the fourth and seventh workers.
VMPL
4th worker
Quantity of toffee (units)
Transcribed Image Text:Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600- a. Calculate the marginal product of labor (MPL) for the 1360 - fifth and eighth workers. 1080 - 760 + MPL units 5worker 400 3 10 MPL units gihworker Quantity of workers b. Calculate the value of the marginal product of labor (VMPL) for the fourth and seventh workers. VMPL 4th worker Quantity of toffee (units)
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