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Application of diminishing marginal return.

 

Assume you are running a photo copy center that makes illegal copies of the textbook. An illegal copy of the book sells for $10 and you only have one copy machine. The relationship between workers and output is as follows:

Number of Workers

Number of Book Copies Made

Marginal Product of Labor

Marginal Revenue Product (MRP)

ME(L)

0

0

-

-

-

1

8

8

80

50

2

20

12

120

50

3

28

8

80

50

4

34

6

60

50

5

38

4

40

50

6

40

2

20

50

  1. Do copy machine operators exhibit diminishing marginal return? If so name a factor that might be generating the diminishing marginal returns.
  2. If copy machine operators earn $50 an hour (it's a boring job so they need to be compensated for it) how many workers should you hire?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917912

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