(Answered) Question kaisers ice cream parlour hires workers to produce

Economics

Question: Kaiser's Ice Cream Parlour hires workers to produce milk shakes. The market for milk shakes is perfectly competitive, and the price of a milk shake is $4. The labour market is competitive, and the wage rate is $40 a day. The table shows the workers' total product schedule.

Number of Quantity produced
workers (milk shakes per day)

1 7

2 21

3 33

4 43

5 51

6 55

Calculate the marginal product of hiring the fourth worker and the fourth worker's value of marginal product.

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Microeconomics, Economics

Category:- Microeconomics
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