Determine the marginal product of sixth worker, Microeconomics

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Determine the marginal product of sixth worker

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

No. of workers   Total Labor Cost       Output     Total Revenue

           1                       $100                        100             $150

           2                         200                        110               375

           3                         300                        122               650

           4                         400                        130               900

           5                         500                        136             1100

           6                         600                        140             1150

What is the marginal product of the sixth worker?

What is the marginal cost of the third worker?

Based on your knowledge of marginal analysis, how many workers should you hire?

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Microeconomics: Determine the marginal product of sixth worker

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Microeconomics: Determine the marginal product of sixth worker

Reference No:- TGS0510165

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : How to provide appropriate explanation and interpretations

Q : Find out the missing amounts

Q : What was the generic strategy originally applied

Q : Career growth and movement

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Ask an Expert for Answer!!

Microeconomics: Determine the marginal product of sixth worker

Reference No:- TGS0510165

Recent Questions Asked Microeconomics

Q : How to provide appropriate explanation and interpretations

Q : Find out the missing amounts

Q : What was the generic strategy originally applied

Q : Career growth and movement

Q : Determine the marginal product of sixth worker

Q : Review of current and relevant journal article in accounting

Q : Why is developing a financial plan an important part

Q : Compare and contrast the major elements of the reports

Q : Cultural management- organizational integration challenges

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