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What is the marginal product of labor, MPL, of the first, second, third, fourth, fifth and sixth workers? (Show on a chart). b. What is the marginal revenue product, MRP, of each of the workers? (Show on a chart) How many workers should Bella and Vela hire and why? a. с.

What is the marginal product of labor, MPL, of the first, second, third, fourth, fifth and sixth workers? (Show on a chart). b. What is the marginal revenue product, MRP, of each of the workers? (Show on a chart) How many workers should Bella and Vela hire and why? a. с.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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4. Bella and Vela's Flower Shop is a store specializing in floral arrangements for weddings, graduations, and other events. Jane and Vela’s Flower Shop has a fixed cost associated with space and equipment of $150 per day. Each worker is paid $50 per day. The daily production function for Bella and Vela's |Flower Shop is shown in the accompanying table. Each floral arrangement sells for $30 |Quantity of Labor (Workers) |Quantity of Floral Arrangments 1 5 2 3 12 4 14 5 15 14 a. What is the marginal product of labor, MPL, of the first, second, third, fourth, fifth and sixth workers? (Show on a chart). b. What is the marginal revenue product, MRP, of each of the workers? (Show on a chart) How many workers should Bella and Vela hire and why? c.
Transcribed Image Text:4. Bella and Vela's Flower Shop is a store specializing in floral arrangements for weddings, graduations, and other events. Jane and Vela’s Flower Shop has a fixed cost associated with space and equipment of $150 per day. Each worker is paid $50 per day. The daily production function for Bella and Vela's |Flower Shop is shown in the accompanying table. Each floral arrangement sells for $30 |Quantity of Labor (Workers) |Quantity of Floral Arrangments 1 5 2 3 12 4 14 5 15 14 a. What is the marginal product of labor, MPL, of the first, second, third, fourth, fifth and sixth workers? (Show on a chart). b. What is the marginal revenue product, MRP, of each of the workers? (Show on a chart) How many workers should Bella and Vela hire and why? c.
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