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Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if they are each equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1000 in revenue. Each worker's equipment costs the worker's employer $150 per month to rent and each worker toils 40 hours per week for four weeks each month.

a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month?

b. How much revenue per hour does each worker bring in?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M948320

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