Give me correct answer with calculations;and full explanation otherwise i give multiple downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of product X. Furthermore, assumethat each unit of product X sells for $21.84, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is $69.94 per week. Determine the value marginal product (VMPL) ofthe 7th worker.Labor (L) Capital (K) Output (Q)030131523353360439553145632157331583395934401034601112333475485

Production refers to the process of converting inputs or resources into output or final goods and…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Give me correct answer with calculations;and full explanation otherwise i give multiple downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of product X. Furthermore, assume
that each unit of product X sells for $21.84, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is $69.94 per week. Determine the value marginal product (VMPL) of
the 7th worker.
Labor (L) Capital (K) Output (Q)
0
3
0
1
3
15
2
3
35
3
3
60
4
3
95
5
3
145
6
3
215
7
3
315
8
3
395
9
3
440
10
3
460
11
12
33
3
475
485

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