If the market wage rate rises, but the price of a milkshake remains at $4, what happens
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If the market wage rate rises, but the price of a milkshake remains at $4, what happens to the value of marginal product of labor? Does Kaiser’s employ more workers or fewer workers?
Kaiser’s Ice Cream Parlor hires workers to produce milkshakes. The table shows the workers’ total product schedule.
Transcribed Image Text:
Number of workers 1 23456 2 Quantity produced (milk shakes per day) 7 21 33 43 51 55
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