Determine the marginal product of sixth worker based on the

Reference no: EM13387255

You have been hired to manage a small manufacturing facility which has cost and production data given in the table below.

No. of workers   Total Labor Cost       Output     Total Revenue

           1                       $100                        100             $150

           2                         200                        110               375

           3                         300                        122               650

           4                         400                        130               900

           5                         500                        136             1100

           6                         600                        140             1150

What is the marginal product of the sixth worker?

What is the marginal cost of the third worker?

Based on your knowledge of marginal analysis, how many workers should you hire?

Reference no: EM13387255

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