Automated Labs uses 5 workers and 200 machines to produce its product. The marginal product of the last workers is 200 units of output per day; the marginal product of the last machine is 400 units of output per day. Workers are each paid $100 per day, and the rental price of each machine is $300 per day. a. What is the marginal product per dollar spent on a worker? b. What is the marginal product per dollar spent on a machine? Is Automated Labs utilizing workers and machines in the cost-minimizing manner? What should it to minimize its costs? Explain. C.

Automated Labs uses 5 workers and 200 machines to produce its product. The marginal product of the last workers is 200 units of output per day; the marginal product of the last machine is 400 units of output per day. Workers are each paid $100 per day, and the rental price of each machine is $300 per day. a. What is the marginal product per dollar spent on a worker? b. What is the marginal product per dollar spent on a machine? Is Automated Labs utilizing workers and machines in the cost-minimizing manner? What should it to minimize its costs? Explain. C.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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