Solution-What is the marginal product of hiring five workers

What is the marginal product of hiring five workers

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Reference no: EM131414153

Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week.

a. What is the marginal product of hiring five workers instead of four?

b. What is the weekly wage rate earned by the fifth worker?

Reference no: EM131414153

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What is the marginal product of hiring five workers : Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week. a. What is th..

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What is the marginal product of hiring five workers

Reference no: EM131414153

Reference no: EM131414153

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