Kaiser's Ice Cream Parlor produces smoothies. The market for smoothies is perfectly competitive, and the price is $4.00 a smoothie. The labor market is competitive, and the wage rate is $48.00 a day. The table shows part of the workers' total product schedule. Calculate the marginal product of hiring the fourth worker and the value of the marginal product of the fourth worker. ACECHI The marginal product of hiring the fourth worker is smoothies a day. The value of the marginal product of the fourth worker is $ a day. Workers 2 345WN 6 Smoothies per day 28 40 50 58 62 mpts

Kaiser's Ice Cream Parlor produces smoothies. The market for smoothies is perfectly competitive, and the price is $4.00 a smoothie. The labor market is competitive, and the wage rate is $48.00 a day. The table shows part of the workers' total product schedule. Calculate the marginal product of hiring the fourth worker and the value of the marginal product of the fourth worker. ACECHI The marginal product of hiring the fourth worker is smoothies a day. The value of the marginal product of the fourth worker is $ a day. Workers 2 345WN 6 Smoothies per day 28 40 50 58 62 mpts

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 7PA

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