Suppose a campus restaurant increases the number of workers it hires from 2 workers per day to 4 workers per day. As a result; its total revenue increases from $90 per day to $200 per day:
Instructions: Enter your answers rounded to two decimal places.
Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker?
Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week; what is the current weekly wage rate in the labor market?
per week