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Calculate the marginal product of hiring the fourth worker

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Reference no: EM131614540

Question: Kaiser's Ice Cream Parlour hires workers to produce milk shakes. The market for milk shakes is perfectly competitive, and the price of a milk shake is $4. The labour market is competitive, and the wage rate is $40 a day. The table shows the workers' total product schedule.

Number of            Quantity produced
 workers             (milk shakes per day)

1                                    7

2                                   21

3                                   33

4                                   43

5                                   51

6                                   55

Calculate the marginal product of hiring the fourth worker and the fourth worker's value of marginal product.

Reference no: EM131614540

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