Determine marginal revenue product of the fourth worker, Microeconomics

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Determine marginal revenue product of the fourth worker

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

                    Total                            Total

Workers     Labor Cost      Output     Revenue

     1                $300               50          $350

     2                  600             140            675

     3                  900             220          1120

     4                1200             270          1570

     5                1500             300          1865

     6                1800             315          2070

     7                2100             320          2170

(a.) What is the marginal product of the second worker?

(b.) What is the marginal revenue product of the fourth worker?

(c.) What is the marginal cost of the first worker?

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

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Microeconomics: Determine marginal revenue product of the fourth worker

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Microeconomics: Determine marginal revenue product of the fourth worker

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