Micro 5.3-Labor Market Practice 2
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What is the marginal product for the 4th worker?
What is the marginal revenue product of the third worker?
What is the marginal (resource) factor cost (MFC or MRC) for the second worker?
What is the marginal factor cost of the fourth worker?
How many workers will the firm hire?
How much profit will the firm make if it hires 2 workers? Consider that labor is the firm's only cost.
A farm in Appletown sells bushels of peaches in a competitive market for $15 per bushel. The table above shows the relationship between the number of workers and the number of bushels of peaches produced at the farm. Answer the questions below given this information.
What is the marginal revenue product of the 6th worker?
What is the marginal product of the 4th worker?
How many workers will this firm hire if the market wage rate is $ 90?
How many workers will this firm hire if the market wage rate falls to $65?