A firm sells bagels for £0.51 each. With 6 workers the firm produces 42 dozen per hour, and with 7 workers it produces 53 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ . (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 £ .
A firm sells bagels for £0.51 each. With 6 workers the firm produces 42 dozen per hour, and with 7 workers it produces 53 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ . (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 £ .
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
Section: Chapter Questions
Problem 2.4IP
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A firm sells bagels for £0.51 each. With 6 workers the firm produces 42 dozen per hour, and with 7 workers it produces 53 dozen per hour.
(a) To within two decimal places, the marginal revenue product of labor is £ .
(b) Assume an 8-hour shift per worker and the labour market is
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