What is the marginal revenue product of the fourth worker

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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. (20 points) Workers Total Labor Cost Output Total Revenue 1 $50 100 $700 2 $100 250 $1,150 3 $150 300 $1,440 4 $200 380 $1,620 5 $250 440 $1,720 6 $300 480 $1,780 7 $350 500 $1,820 (Part A) What is the marginal product of the second worker?. (Part B) What is the marginal revenue product (MRP) of the fourth worker? (Part C) What is the marginal cost (MC) of the first worker? (Part D) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

Reference no: EM13985690

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