L MPL VC AFC AVC ATC MC (workers) (units) (units) FC ($) (S) TC (S) ($) (S) ($) ($) 1 400 900 3 1,500 4 1,950 2,300 2,600 5 6 7 2,850 Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed? O 400 gadgets 500 gadgets 900 gadgets none of the above

L MPL VC AFC AVC ATC MC (workers) (units) (units) FC ($) (S) TC (S) ($) (S) ($) ($) 1 400 900 3 1,500 4 1,950 2,300 2,600 5 6 7 2,850 Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed? O 400 gadgets 500 gadgets 900 gadgets none of the above

Name: The following questions all go together. LMPLVCAFCAVCATCMC(workers)(un
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Description: The following questions all go together. LMPLVCAFCAVCATCMC(workers)(units)(units) FC ($)(S)TC ($)($)($)($)(S)1400290031,5001,9502,30042,6002,8507Consider the following table illustrating the production function of gadgets.Furthermore, suppose the fir

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 2ST

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