Question 2: The Last Worker In the short-run a firm has hired 3 workers. It pays each worker $10 per hour. The price of i output is $3. The last worker hired produces 3 units per hour. Should the firm keep this worker?

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 9SQ
icon
Related questions
Question
Question 2: The Last Worker
In the short-run a firm has hired 3 workers. It pays each worker $10 per hour. The price of its
output is $3. The last worker hired produces 3 units per hour. Should the firm keep this
worker?
Transcribed Image Text:Question 2: The Last Worker In the short-run a firm has hired 3 workers. It pays each worker $10 per hour. The price of its output is $3. The last worker hired produces 3 units per hour. Should the firm keep this worker?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marginal Product
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.
Recommended textbooks for you
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax