Gino's Pizza shop hires workers in a competitive market to make pizza. The ingredients required to make each pizza cost $5. Daily output at Gino's Pizza varies with the number of workers hired, as shown in the table below:
If pizzas sell for $8 each, what is the value marginal product for the 4th worker?
Select one:
a. $96 per day
b. $112 per day
c. $48 per day
d. $128 per day
Homework Answers
The value marginal product of workers is the Value of additional output by employing one more unit of workers .It can be ascertained by multiplying Unit price of the output by the marginal product of worker.
Here,
Value marginal product for the 4th worker = Marginal product of 4th workers (70 -54) * Unit Price of Pizza ($8)
= 16 * 8
= $128
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