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Production data for Bob's Bicycle Factory are as follows: Wunber of Morkers Dikes assenbled per day 12 22 30 36 40 Other than wages, Bob has costs of $100 (for parts and so on) for each bike assembled. Instructions: Enter your responses as whole numbers a. Bikes sell for $130 each. Find the marginal product and the value of the marginal product for each worket. Don't forget to consider Bob's cost for parts. Value of the sarginal produet fer each worker Nunber of Harginal produet 12 workers b. Complete the following table showing Bob's demand curve for labor. Hunber of workees Dally wage

Production data for Bob's Bicycle Factory are as follows: Wunber of Morkers Dikes assenbled per day 12 22 30 36 40 Other than wages, Bob has costs of $100 (for parts and so on) for each bike assembled. Instructions: Enter your responses as whole numbers a. Bikes sell for $130 each. Find the marginal product and the value of the marginal product for each worket. Don't forget to consider Bob's cost for parts. Value of the sarginal produet fer each worker Nunber of Harginal produet 12 workers b. Complete the following table showing Bob's demand curve for labor. Hunber of workees Dally wage

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 15P
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Production data for Bob's Bicycle Factory are as follows: Wunber of Morkers Bikes asseabled per day 12 22 30 36 40 Other than wages, Bob has costs of $100 (for parts and so on) for each bike assembled. Instructions: Enter your responses as whole numbers. a. Bikes sell for $130 each. Find the marginal product and the value of the marginal product for each worker. Don't forget to consider Bob's cost for parts. Number of Marginal Value of the sarginal workers product 12 produet fer each worker b. Complete the following table showing Bob's demand curve for labor. Hunber of workers Daily wage
Transcribed Image Text:Production data for Bob's Bicycle Factory are as follows: Wunber of Morkers Bikes asseabled per day 12 22 30 36 40 Other than wages, Bob has costs of $100 (for parts and so on) for each bike assembled. Instructions: Enter your responses as whole numbers. a. Bikes sell for $130 each. Find the marginal product and the value of the marginal product for each worker. Don't forget to consider Bob's cost for parts. Number of Marginal Value of the sarginal workers product 12 produet fer each worker b. Complete the following table showing Bob's demand curve for labor. Hunber of workers Daily wage
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