What is the value of the marginal product of labor

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The market price of the product is $10 per unit and the market wage rate is $8.

Labor employed 4, total product 17

labor employed 5, total product 20

labor employed 6, total product 25

labor employed 7, total product 28

labor employed 8, total product 30

1. The marginal product of labor is the highest when the firm hires_____workers.

2. What is the value of the marginal product of labor when the firm hires 7 workers?

Reference no: EM13186764

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