Calculate the Marginal Product (MP) at each input level.If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL).If the wage rate (per week) is $1800 , how many workers will be employed?If the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay? Labor input(workers perweek)10111213141516Total PhysicalOutput (printersper week)200218234248260270278MarginalProduct oflaborValue ofMarginalProduct ($)

Marginal product of labor is the ratio of change in total product and change in labor input. MPn =…

Answered: Calculate the Marginal Product (MP) at…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Calculate the Marginal Product (MP) at each input level.
If the price of printer is $100 each, calculate the Value of the Marginal of labor (VMPL).
If the wage rate (per week) is $1800 , how many workers will be employed?
If the firm decides to hire 14 workers, what is the maximum wage the firm would be willing to pay?

Labor input
(workers per
week)
10
11
12
13
14
15
16
Total Physical
Output (printers
per week)
200
218
234
248
260
270
278
Marginal
Product of
labor
Value of
Marginal
Product ($)

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