Question: Please I need I don't know this !! High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about

Please I need I don't know this !!

Please I need I don't know this !! High Tech, Inc. produces

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Workers Chairs Produced per Hour 0 0 10 18 3 24 28 30 Please enter your answers for Value of the Marginal Product as numerical answers rounded to the nearest dollar (ie. 30 or $30, not "Thirty dollars." When answering how many workers the firm will hire just enter a number from 0-5 and nothing else (ie. 4 not "Four" or "Four workers"). What is the "Value of the Marginal Product" (VMP) for the third worker? What is the Value of the Marginal Product (VMP) for the fifth worker? How many workers will this firm hire if the hourly wage rate for workers is $70/hour How many workers will this firm hire if the hourly wage rate for workers is $50/hour

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!