Diminishing marginal returns begins with which employee

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Reference no: EM13734621

Number of Workers Total of Pots Produced Per Day

0 0

1 6

2 13

3 18

4 21

5 23

6 22

a. Diminishing marginal returns begins with which employee?

b. Suppose a pot sells for $20 each. What is the marginal revenue product of labor of the second worker?

c. If wages are $50 per day and pots sell for $20 each, how many potters will the firm hire?

d. Assuming pots are $20 each graph the labor demand curve (in current dollars).

Reference no: EM13734621

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