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Ron's Woodturning Company makes high quality wooden bowls from exotic hardwoods from around the world. The firm may sell all it produces to retail outlets at $10/bowl. Ron can hire all of the workers he needs at a market wage of $90/day per worker. Ron's short-run production function is shown below:
a. As Ron hires the first, the second and the third worker, what happens to his output? What happens to his marginal product? Explain why this could be occurring.
b. With which worker do diminishing marginal returns begin?
c. Calculate the VMPL (also known as, marginal revenue product) for the fifth worker. Show your work for full credit.
d. How many workers should Ron hire to maximize profit? Explain why that number is the best for maximizing profit.
e. In what type of market structure does Ron's firm compete? How do you know? In what type of market does Ron's firm hire workers? How do you know?
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