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Number of workers is marginal product maximized

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Reference no: EM131031324

Murphy's Machinery is a profit-maximizing firm with the following production information. The price of machine parts is $8.

0 0
1 10
2 25
3 50
4 80
5 95
6 90

  1. At which number of workers is marginal product maximized?
  2. Identify and define the economic principle that explains why marginal product eventually decreases.
  3. Why would Murphy's Machinery never hire the 6th worker?
  4. What is the maximum daily wage Murphy's Machinery would be willing to pay the 3rd worker?

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This assignment was related to the concept of theory of production. The assignment was segregated into four parts. All four parts was related to concept of Marginal Production. In this assignment we applied the concept of diminishing marginal productivity. We also learned how to calculated Marginal Production.

Reference no: EM131031324

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