Explain what is the marginal product of the second worker

Assignment Help HR Management

Reference no: EM1341283

Marginal Revenue Product & Marginal Cost

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

Total Total
Workers Labor Cost Output Revenue
1 $500 100 $700
2 1000 280 1150
3 1500 440 1440
4 2000 540 1570
5 2500 600 1670
6 3000 630 1710
7 3500 640 1730

a) What is the marginal product of the second worker?

b) What is the marginal revenue product of the fourth worker?

c) What is the marginal cost of the first worker?

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

Reference no: EM1341283

Questions Cloud

Create the need for the development of unions : Explain What social events helped to create the need for the development of unions and What is the impact of unionization on employment laws? How has the creation of employment laws impacted union membership

Labor forces and international strategy : Analyze arguments made by representatives of Nepal and other poor countries in justifying the child labor they utilize and difference between strategic planning conducted in domestic companies and that conducted in international companies?

Gain a strategic advantage over one another : During the Cold War and post-Cold War eras, the United States and the Soviet Union have been competing with one another in attempts to gain a strategic advantage over one another

Raw materials purchase price variance : Evaluate variances Raw materials purchase price variance

Explain what is the marginal product of the second worker : Explain What is the marginal product of the second worker and What is the marginal revenue product of the fourth worker

Fair labor standards act : What impact does the need to pay overtime have upon an organization's budget in the long-term? Any thoughts

Metrics : Top management feels they have spent enough and want some concrete recommendations from you. This task is yours in your new role as compensation manager.

What is the production output per hour : What is the production output per hour for each alternative and What is the productivity output per labor hour

Minutes of production- a labor budget computation : FTE staff employed how many minutes are needed for the production of each widget assuming 1 FTE = 40 hours

User Account

All Pages