Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by five units and total costs to increase from $2,700 per weekto $3,000 per week.What is the marginal product of the fifth worker? units. (Your answer should be a whole number.)What is the weekly wage rate earned by the fifth worker? $ (Your answer should be rounded to the nearest dollar)

It refers to the change in output(Q) that results from employing 1 additional unit of labor(L). It…

Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by five units and total costs to increase from $2,700 per week o $3,000 per week. What is the marginal product of the fifth worker? units. (Your answer should be a whole number.) What is the weekly wage rate earned by the fifth worker? $ (Your answer should be rounded to the nearest dollar)

Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by five units and total costs to increase from $2,700 per week o $3,000 per week. What is the marginal product of the fifth worker? units. (Your answer should be a whole number.) What is the weekly wage rate earned by the fifth worker? $ (Your answer should be rounded to the nearest dollar)

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 7E

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