(Answered) You have been hired to manage a small manufacturing

Management Studies

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

1	$250	60	$150
2	$500	110	$475
3	$750	150	$725
4	$1,000	180	$925
5	$1,250	200	$1,065
6	$1,500	210	$1,195
7	$1,750	215	$1,295

(Part A) What is the marginal product of the second worker?

(Part B) What is the marginal revenue product (MRP) of the fourth worker?

(Part C) What is the marginal cost (MC) of the first worker?

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

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Business Management, Management Studies

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