What is the output of the 8th worker?Group of answer choices:0-10105 LaborOutputMarginalProduct ofValue ofWage(daily)MarginalProfitMarginalProduct ofLaborLabor*See Below170$100$1,300130$1,200$100$1,1003180$1004220$800$1005$10027020$100$3007280$200$1008$100-$100*Price = $20

The marginal product(MP) for the nth unit of labor is the increase in the total output(TP) for an…

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What is the output of the 8th worker? Group of answer choices: 0 -10 10 5

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

What is the output of the 8th worker?

Group of answer choices:

-10

Labor
Output
Marginal
Product of
Value of
Wage
(daily)
Marginal
Profit
Marginal
Product of
Labor
Labor
*See Below
1
70
$100
$1,300
130
$1,200
$100
$1,100
3
180
$100
4
220
$800
$100
5
$100
270
20
$100
$300
7
280
$200
$100
8
$100
-$100
*Price = $20

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