What is the marginal product of the third worker

Assignment Help Econometrics

Reference no: EM13183206

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

No. of workers Total Labor Cost Output Total Revenue
1 $145 100 $190
2 290 105 480
3 435 111 840
4 580 120 1320
5 725 125 1650
6 870 129 1780
7 1015 131 1800

What is the marginal product of the third worker?
What is the marginal revenue product of the fourth worker?
What is the marginal cost of the sixth worker?
Based on your knowledge of marginal analysis, how many workers should you hire?

Reference no: EM13183206

Questions Cloud

Law code of hammurabi reveals : Describe what the Law Code of Hammurabi reveals about Babylonian culture; consider relations between men and women, slaves and freemen.

Define salinization and desalinization : Explain the concept of soil loss tolerance in soil erosion. Define salinization and desalinization. List the major ipns responsible for the salinization of soils.

What is the marginal product of the third worker : What is the marginal product of the third worker? What is the marginal revenue product of the fourth worker What is the marginal cost of the sixth worker? Based on your knowledge of marginal analysis, how many workers should you hire

Define soil structure stability : Define soil structure stability. Breifly explain two ways by which soil organic matter acts to increase the resistance of aggregates to slaking pressure to improve soil structural stability. word limit 150 -200

Explain what would be the maximum yield of nabr : If 10g of na2s2o3 are reacted with 10g of agbr, what would be the maximum yield of nabr and which is the limiting reagent, if any?

Egyptologist encountering an astounding archeological : Imagine you are an Egyptologist encountering an astounding archeological find, such as the tomb of Tutankhamen found by Howard Carter in 1922.

Record the transactions in t accounts : Record the transactions in T accounts and prepare a trial balance for the end of the month.

User Account

All Pages