Number of workers total of pots produced per day0 01 62 133, Ask an Expert

Economics

Number of Workers Total of Pots Produced Per Day

0 0

1 6

2 13

3 18

4 21

5 23

6 22

a. Diminishing marginal returns begins with which employee?

b. Suppose a pot sells for $20 each. What is the marginal revenue product of labor of the second worker?

c. If wages are $50 per day and pots sell for $20 each, how many potters will the firm hire?

d. Assuming pots are $20 each graph the labor demand curve (in current dollars).

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91273983

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