Question: Complete the following table. a. Suppose the price of output is $10 per unit. What are the marginal physical product and the marginal revenue product

Complete the following table.

Number of Workers 0 1 2 3 4 5 6 7 8

a. Suppose the price of output is $10 per unit. What are the marginal physical product and the marginal revenue product of the sixth worker?

MPP = _____

MRP = _____

b. If the wage of each worker is $140 per day, should the sixth worker be hired? _____

c. Use the graph below to graph the Marginal Revenue Product and Wage Rate.

9 10 Units of Output 0 7 15 25 40 54 65

Number of Workers 0 1 2 3 4 5 6 7 8 9 10 Units of Output 0 7 15 25 40 54 65 75 84 90 95 Marginal Physical Product Marginal Revenue Product Wage Marginal Revenue Product or Wage Rate (dollars per day) $240 220 20 0 6 Quantity (workers per day) 8 6 10

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