The tablebelow shows the number of units of output

Assignment Help Microeconomics

Reference no: EM13896293

The tablebelow shows the number of units of output that a firm can produce per day, as function of the number ofworkers hired. The firm is price-taker in both the labor market and the output market. The market priceof a unit of output is $20, and the market daily wage rate is $150. The firm has no costs besides labor.

# of workers hired # of units of output produced

1 8

2 20

3 30

4 36

5 40

What is the marginal revenue product of labor for the fourth worker hired?a) $720 .b) $6. c) $180. d) $120 .e) $20.

Please show your work.

Reference no: EM13896293

Questions Cloud

Propose a structure of each of an acyclic primary amide : Propose a structure of each of the following compounds with the formula C5H9NO- an acyclic primary amide and a carbocyclic tertiary amide

What is the net profit margin for this firm : What is the net profit margin for this firm? What is the asset turnover? What is the return on assets? What is the size of the total assets used by the firm?

What childhood experiences unique to african americans : What childhood experiences unique to African Americans may you identify from the interviewee? What health care concerns unique to African Americans does your interviewee describe? How did he or she deal with these issues?

The tablebelow shows the number of units of output : The tablebelow shows the number of units of output that a firm can produce per day, as function of the number ofworkers hired. The firm is price-taker in both the labor market and the output market. The market priceof a unit of output is $20, and the..

The market demand for the good : These are the only two firms in the market where the MARKET demand for the good = P = -2Q + 50. a) Find the profit of each firm if EACH firm produces 5 units of output. Show that if one firm produces 6, but the other stays at 5, the firm producing..

Draw the structural formula of the major organic product : Draw the structural formula of the major organic product from each of the following reactions. If no reaction, write NR.

What is return on assets for great northwest canoe and kayak : Suppose you have been asked to determine the return on net worth for Great Northwest Canoe and Kayak. What is the return on assets for Great Northwest Canoe and Kayak?

Post the general journal entries to the general ledger : Post the general journal entries to the general ledger in the Excel spreadsheet

User Account

All Pages