Given the following production function for the mythical Tight Jeans Corporation, calculate the marginal physical product and the value of the marginal physical product. Note the value of the marginal physical product is the price of the product multiplied by the marginal physical product. Assume a price of $70 per pair of jeans. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Labor input (workers per day) Output (pairs of jeans per day) Marginal physical product Value of the marginal physical product 0 0 - 1 5 Short-Run Production Function 2 14 3 27 4 38 5 47 6 55 7 62 8 63

Given the following production function for the mythical Tight Jeans Corporation, calculate the marginal physical product and the value of the marginal physical product. Note the value of the marginal physical product is the price of the product multiplied by the marginal physical product. Assume a price of $70 per pair of jeans. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Labor input (workers per day) Output (pairs of jeans per day) Marginal physical product Value of the marginal physical product 0 0 - 1 5 Short-Run Production Function 2 14 3 27 4 38 5 47 6 55 7 62 8 63

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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