What is the marginal product of the eight worker

Assignment Help Econometrics

Reference no: EM13206188

A California asparagus farmer is maximizing profit. The price of asparagus is $2 a box, a farm worker's wage rate is $12 an hour, and the asparagus farm employs six workers.

a. What is the marginal product of the sixth worker?

b. If, when the price of asparagus increases to $3 a box,the farm hires eight workers, what is the marginal product of the eight worker?

Reference no: EM13206188

Questions Cloud

Define difference between human capital and physical capital : According to Keynes, in order to get the economy out of a recession, the government should plan for a budget deficit encourage firms to export to other nations, thereby jump-starting the economy follow an expansionary monetary policyfollow a contract..

Find confidence interval for population standard deviation : Find confidence interval for population standard deviation, assuming population has a Normal distribution for the following: College student's annual earnings: 98% confidence, n = 9, Xbar ( sample average) = 3211, and s ( sample std. Dev.) = $897

What is the rate of each bus : Two buses leave towns apart at the same time and travel toward each other. One bus travels slower than the other. If they meet in hours, what is the rate of each bus?

What was the rate increase : The electricity costs of a business increased from $15,000 one year and $16,000 the next. To the nearest whole percent, what was the rate increase?

What is the marginal product of the eight worker : A California asparagus farmer is maximizing profit. The price of asparagus is $2 a box, a farm worker's wage rate is $12 an hour, and the asparagus farm employs six workers. If, when the price of asparagus increases to $3 a box,the farm hires eigh..

How many different passwords start with the letter z : A computer password consist of any five capital letters from the ordinary english alphabet. How many different passwords start with the letter z?

Explain alkene with the maximum yield : Explain which you would choose as a starting material to prepare an alkene with the maximum yield.

Find all possible measures for angle b : In triangle ABC, the measure of angle A is 60o, the length of BC is, and the length of AC is. Find all possible measures for angle B.

Which person has comparative advantage in chicken : Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off. Which person has comparative ..

User Account

All Pages