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whose cost and production data are given in the table below No of workers Total Labor Cost Output Total Revenue

whose cost and production data are given in the table below

 

No of workers Total Labor Cost Output Total Revenue

1 $145 100 $190

2 290 105 380

3 435 111 840

4 680 120 1320

5 725 125 1650

6 870 129 1780

7 1015 131 1800

 

– What is the marginal product of the third worker?

– What is the marginal revenue product of the fourth worker?

– What is the marginal cost of the sixth worker?

– Based on your knowledge of marginal analysis, how many
workers should you hire? Explain you answer

Mar 17 2020 View more View Less

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