Question: The table to the right represents the production function for Hawg Wild, a small catering company specializing in barbecued pork. The numbers in the cells

The table to the right represents the production function for Hawg Wild, a small catering company specializing in barbecued pork. The numbers in the cells represent the number of customers that can be served with various combinations of labor and capital.
\table[[,Labor (L)],[,0,1,2,3,4,5,6],[,1,100,132,155,175,190,205],[,2,152,200,235,264,289,310],[\table[[Capital],[(K)]],3,193,255,300,337,368,396],[,4,230,303,357,400,437,470],[,5,283,347,408,457,500,538],[6,293,387,455,510,558,600,]]
Suppose Hawg Wild employs 4 units of capital and 3 workers. The owner, Billy Porcine, is considering adding his nephew to the payroll. What will the marginal product of Billy's nephew be?
51
43
54
61
The table to the right represents the production

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!