A firm sells bagels for £0.51 each. With 11 workers the firm produces 99 dozen per hour, and with 13 workers it produces 124 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ 7 (b) Assume an 8-hour shift per worker and the labour market is perfectly competitive. To within two decimal places, the market hourly wage rate is £ 数字

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter2: The One Lesson Of Business
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A firm sells bagels for £0.51 each. With 11 workers the firm produces 99 dozen per hour, and with 13 workers it produces 124 dozen per hour.
(a) To within two decimal places, the marginal revenue product of labor is £ 7
(b) Assume an 8-hour shift per worker and the labour market is perfectly competitive. To within two decimal places, the market hourly wage rate is £
数字
Transcribed Image Text:A firm sells bagels for £0.51 each. With 11 workers the firm produces 99 dozen per hour, and with 13 workers it produces 124 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ 7 (b) Assume an 8-hour shift per worker and the labour market is perfectly competitive. To within two decimal places, the market hourly wage rate is £ 数字
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