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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.
No. of workers Total Labor Cost Output Total Revenue
1 $145 100 $190
2 290 105 480
3 435 111 840
4 580 120 1320
5 725 125 1650
6 870 129 1780
7 1015 131 1800
What is the marginal product of the third worker?
What is the marginal revenue product of the fourth worker?
What is the marginal cost of the sixth worker?
Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.
What should be the amount of the tax? Draw a graph representing the situation - How should the government adapt its policy to respond to this new information?
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Key concepts to include in your paper--Monopoly Market Structure, Characteristics of Pure Monopoly, Barriers to Entry into the market, Natural Monopoly, Government Monopoly, Downward Sloping Demand Curve, Economies of Scale, Monopoly Pricing, Pric..
you are the oil minister of one of 5 key opec countries. the world demand for oil can be reduced to q 100 - p and
Federal Funds Rate in order to achieve macroeconomic objectives.
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