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What is the marginal revenue product

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Reference no: EM131961914

Jordan's jackets produces two types of coats using the same workers. The production function and marginal product of labor for each type can be expressed as :

Y1=500+200L1-2L12 , MPL1=200 - 4L1

Y2= 300+ 100L2 -0.5L2 , MPL2= 100 - L2

A. Assume P1=8, P2 =10, what is the marginal revenue product for each type of coat ?

B. If the firm hires 50 identical workers , what is the optimal distribution between types of coats? round your answers to two decimal places. Fractional workers are allowable.

C. What is the equilibrium wage paid to the workers? round your answer to two decimal places.

Reference no: EM131961914

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