Labor (workers per day) Total Product (per day) 10 4000 11 4389 12 4752 13 5083 14 5376 15 5625 The firm can hire as many workers as they want at the prevailing market wage of $150 a day per worker. In addition, the firm pays $200 a day for equipment. Enter ONLY numbers. No comma, units, or decimals. 1. What is the marginal product of the 12th worker? 2. What is the average product of hiring 12 workers? 3. What is the total variable cost per day if 12 workers are hired? 4. What is the total fixed cost per day if 12 workers are hired?

Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter19: Labor And Entrepreneurship: The Human Inputs
Section: Chapter Questions
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Labor (workers per day)
Total Product (per day)
10
4000
11
4389
12
4752
13
5083
14
5376
15
5625
The firm can hire as many workers as they want at the prevailing market wage of $150 a day per
worker. In addition, the firm pays $200 a day for equipment.
Enter ONLY numbers. No comma, units, or decimals.
1. What is the marginal product of the 12th worker?
2. What is the average product of hiring 12 workers?
3. What is the total variable cost per day if 12 workers are hired ?
4. What is the total fixed cost per day if 12 workers are hired?
Transcribed Image Text:Labor (workers per day) Total Product (per day) 10 4000 11 4389 12 4752 13 5083 14 5376 15 5625 The firm can hire as many workers as they want at the prevailing market wage of $150 a day per worker. In addition, the firm pays $200 a day for equipment. Enter ONLY numbers. No comma, units, or decimals. 1. What is the marginal product of the 12th worker? 2. What is the average product of hiring 12 workers? 3. What is the total variable cost per day if 12 workers are hired ? 4. What is the total fixed cost per day if 12 workers are hired?
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