The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are no ce to producing them other than labor costs. Compute the value of the marginal product for each additional worker. Instructions: Enter your responses as whole numbers. Number of Workers 1 2 3 4 5 6 7 8 9 10 Marginal Product (Lightbulbs per hour) 40 36 32 28 24 20 16 12 8 4 Value of marginal product $ a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire [ hourly wage for factory workers is $72 per hour, then the factory manager should hire [ workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour, and if lightbulbs sell for $3 each it will be $ [ per hour.
The table below lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are no ce to producing them other than labor costs. Compute the value of the marginal product for each additional worker. Instructions: Enter your responses as whole numbers. Number of Workers 1 2 3 4 5 6 7 8 9 10 Marginal Product (Lightbulbs per hour) 40 36 32 28 24 20 16 12 8 4 Value of marginal product $ a. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire [ hourly wage for factory workers is $72 per hour, then the factory manager should hire [ workers. workers. If instead the b. Assume that lightbulbs instead sell for $3 each. If the going hourly wage for factory workers is $48 per hour, then the factory manager should hire workers. If instead the hourly wage for factory workers is $72 per hour, then the factory manager should hire workers. c. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). If lightbulbs sell for $2 each, the equilibrium real wage for factory workers in the town will be $ per hour, and if lightbulbs sell for $3 each it will be $ [ per hour.
Chapter11: Labor Markets
Section: Chapter Questions
Problem 3SQP
Related questions
Question
Sub : Economics
Pls answer very fast.I ll upvote correct answer. Thank You
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
Knowledge Booster
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
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning