A company produces 800 units in a day. The firm has a worker put in one additional hour of labor. After this last hour, the firm's output rises to 810. The marginal revenue of this additional output is $15. The marginal revenue product for this last hour of work is
Added by Brittany G.
Step 1
The change in output is 810 - 800 = 10 units. Show more…
Show all steps
Your feedback will help us improve your experience
Haricharan Gupta and 56 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
A competitive firm sells its output for $50 per unit. Assume that labor is the only input that varies for the firm. The marginal product of the 10th worker is 10 units of output per day; the marginal product of the 11th worker is 8 units of output per day. The firm pays its workers a wage of $160 per day. For the 10th worker, the value of the marginal product of labor is
Azat N.
A competitive firm sells its output for $60 per unit. Assume that labor is the only input that varies for the firm. The marginal product of the 10th worker is 20 units of output per day; the marginal product of the 11th worker is 16 units of output per day. The firm pays its workers a wage of $150 per day. For the 11th worker, the value of the marginal product of labor is
Niamat K.
A firm produces 4,000 units of output using 500 workers. The marginal cost is $10, the wage rate is $160, and the total fixed cost is $100,000. What is the marginal product of labor?
Andrew D.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD