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Suppose men receive $11.20 per our and women receive $8.00 per hour. Moreover, suppose the firms use 81 female person hours and 64 male person hours to produce 144 units of output and the marginal product of labor for men is 27 while the marginal product of labor for women is 16. Is the firm minimizing the cost of producing this level of ouput? If so, explain why. If not, should the firm use more or less men to produce the level of output?

Use a well labeled graph if appropriate.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91229080

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