The following table shows the total output produced in a factory at various levels of employment of labor. The firm sells each unit of output at $4 and each worker is paid a wage of $256. Produce a table showing marginal product of labor (MPL), revenue, marginal revenue (MR), marginal revenue product (MRPL), and marginal profit (Mπ). Identify the number of workers needed to achieve maximized profit.   Workers Total output (Q) 1 116 2 236 3 360 4 482 5 5100 6 6112 7 7120 8 8122       9 9124

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter10: Labor Markets And Income Distribution
Section: Chapter Questions
Problem 2SQP
icon
Related questions
Question

The following table shows the total output produced in a factory at various levels of employment of labor. The firm sells each unit of output at $4 and each worker is paid a wage of $256.

Produce a table showing marginal product of labor (MPL), revenue, marginal revenue (MR), marginal revenue product (MRPL), and marginal profit (Mπ). Identify the number of workers needed to achieve maximized profit. 

 Workers Total output (Q)

1 116

2 236

3 360

4 482

5 5100

6 6112

7 7120

8 8122      

9 9124 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 7 images

Blurred answer
Knowledge Booster
Economic Impact of Union
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning