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Marginal product of the second worker

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Reference no: EM131334601

You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.

Workers               Total Labor Cost                Output Total Revenue

1              $100       50           $150

2              $200       175         $275

3              $300       275         $355

4              $400       355         $425

5              $500       425         $485

6              $600       485         $535

7              $700       525         $575

(Part A) What is the marginal product of the second worker?.

(Part B) What is the marginal revenue product (MRP) of the fourth worker?

(Part C) What is the marginal cost (MC) of the first worker?

(Part D) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

Reference no: EM131334601

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