You have been hired to manage a small manufacturing, Ask an Expert

Economics

You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.

No. of workers Total Labor Cost Output Total Revenue

1 $145 100 $190

2 290 105 480

3 435 111 840

4 580 120 1320

5 725 125 1650

6 870 129 1780

7 1015 131 1800

What is the marginal product of the third worker?

What is the marginal revenue product of the fourth worker?

What is the marginal cost of the sixth worker?

Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91232093

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question acme furniture retails a chair for 250 they

Question: Acme furniture retails a chair for $250. They believe that they could raise the price of the chair by 10% and sell 30 fewer chairs per year. They have been selling 500 of these chairs per year at the current pr ...

Problem consider the following production function fk l 2k

Problem: Consider the following production function f(K, L) = 2K + 3L. Suppose w is the wage paid for each unit of labor, and r is the capital return. a) What kind of returns to scale has this production function? b) Sol ...

Question a domestic shoe company distributes running shoes

Question: A domestic shoe company distributes running shoes and tennis shoes for $95 per pair to it domestic shoe retailers. The marginal cost of producing a pair of running shoes is $60 and the marginal cost of producin ...

Question in october 1987 the us stock market crashed with

Question: In October 1987, the US stock market crashed, with the Dow Jones Industrial Average falling 508 points, or 22%, in a single day. Yet the economy continued to prosper, with real GDP rising faster in the four qua ...

Question a what is corporate governance why is corporate

Question: a. What is corporate governance? Why is corporate governance an important concern for companies that are pursuing the social responsibility approach? How does it improve or change the nature of executive and ma ...

Question what is the consumer price index cpi and how is it

Question: What is the Consumer Price Index (CPI), and how is it determined each month? What effect does inflation have on the purchasing power of a dollar? How does it explain differences between nominal and real interes ...

Question many governments around the world have implemented

Question: Many governments around the world have implemented heavy taxes on cigarettes and other tobacco products in order to reduce the number of smokers. You are required to write an essay to critically evaluate the ef ...

Question - the following table provides a probability

Question - The following table provides a probability distribution for the random variable x. x f(x) 3 .25 6 .50 9 .25 A) Compute E(x), the expected value of x. B) Compute s 2 , the variance of x (to 1 decimal). C) Compu ...

Question assume that there exists an unlimited number of

Question: Assume that there exists an unlimited number of different approaches to developing a new drug, each costing $1. The probability that the drug will be discovered by at least one of the approaches is increasing i ...

Question how has the formation of the eu created new

Question: How has the formation of the EU created new opportunities for member countries? How these opportunities became important to international managers in other geographic regions such as North America or Asia? The ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert