Martin's Magical Milk Farm produces cow's milk and sells it to a local store for $2.20 per gallon. Agricultural workers in the area are paid a fixed wage rate of $90 per day. Use this information and the information in the table below to answer the questions that follow. What is the marginal product of labour for employing a third worker? What is the value of marginal product of labour for employing a sixth worker? $
Martin's Magical Milk Farm produces cow's milk and sells it to a local store for $2.20 per gallon. Agricultural workers in the area are paid a fixed wage rate of $90 per day. Use this information and the information in the table below to answer the questions that follow. What is the marginal product of labour for employing a third worker? What is the value of marginal product of labour for employing a sixth worker? $
Chapter11: Labor Markets
Section: Chapter Questions
Problem 3SQP
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Transcribed Image Text:Martin's Magical Milk Farm produces cow's milk and sells it to a local store for $2.20 per gallon.
Agricultural workers in the area are paid a fixed wage rate of $90 per day. Use this information
and the information in the table below to answer the questions that follow.
What is the marginal product of labour for employing a third
worker?
What is the value of marginal product of labour for
employing a sixth worker?
$
Workers
0
1
2
3
4
5
6
Quantity of
Milk per
day(gallons)
0
70
130
180
220
240
250
Units
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