Question: Output 10,000 Units Produced Sold for $10/unit Input 1: 500 labor hours Labor rate: $9/hr Input 2: Cost of raw material: $5,000 Input 3: Cost

Output 10,000 Units Produced Sold for $10/unit Input 1: 500 labor hours Labor rate: $9/hr Input 2: Cost of raw material: $5,000 Input 3: Cost of purchased material: $25,000

MFT=2.9

a) Suppose we hire very efficient workers who can finish the job in 360 hours. What is now the MFP with a labor rate of $10/hr? Discuss the result. b) We have to pay higher wages for the more efficient workers. How much extra can we pay without reducing MFP from the original level.

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