The marginal product of labor for the third hour of labor is ...????. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is ......???. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ ......??? worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it should employ ......???? worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $0.50, it should employ ......??? worker(s).
The marginal product of labor for the third hour of labor is ...????. (Enter your response as an integer.) The value of the marginal product of labor for the third hour of labor is ......???. (Round your response to two decimal places.) If the wage paid to workers in Die Cast's plant is $25/hour, it should employ ......??? worker(s). (Enter your response as an integer.) If the wage paid to workers in Die Cast's plant is $35/hour, it should employ ......???? worker(s). (Enter your response as an integer.) If the wage is $25/hour, but the price of a bracket declines to $0.50, it should employ ......??? worker(s).
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 3PA
Related questions
Question
100%
Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for
$1.00.
The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour.|
Hours of Labor
|
Output
|
|
0
|
0
|
|
1
|
50
|
|
2
|
90
|
|
3
|
120
|
|
4
|
140
|
|
5
|
150
|
|
6
|
155
|
|
7
|
157
|
The marginal product of labor for the
third
hour of labor is
...????.
(Enter
your response as an
integer.)
The value of the marginal product of labor for the
third
hour of labor is
......???.
(Round
your response to two decimal
places.)
If the wage paid to workers in Die Cast's plant is $25/hour, it should employ
......???
worker(s).
(Enter
your response as an
integer.)
If the wage paid to workers in Die Cast's plant is $35/hour, it should employ
......????
worker(s).
(Enter
your response as an
integer.)
If the wage is $25/hour, but the price of a bracket declines to
$0.50,
it should employ
......???
worker(s).
(Enter
your response as an
integer.)
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