What is the marginal product for each worker

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Reference no: EM133918314

Problem

Carmelita is an entrepreneur who lives in the Philippines and is interested in starting her own small tailoring business to tailor clothing. Carmelita has estimated the marginal product of hiring workers to serve as tailors to tailor pants found in Table 1. Further she has found that the going rate for altering pants is $3 per pair of pants. She plans to charge this going rate for each job a tailor completes. Use this information to answer the following questions: What is the marginal product for each worker? What is the marginal revenue product for each worker? Get the instant assignment help. Carmelita must pay each worker $12 per day (see the table below for the wage rate). Use the marginal revenue product for each worker you calculated. Carmelita should hire workers each day.

Reference no: EM133918314

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