You have been hired to manage the small producing facility whose cost and production data are given in 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.) Compute marginal product of second worker?
(b.) Determine the marginal revenue product of fourth worker?
(c.) Calculate the marginal cost of the first worker?
(d.) Based on knowledge of marginal analysis, how many workers must you hire?