26. Exhibit 22-14 Quantity of Labor Output Marginal Physical Product (MPP) Wage Marginal Cost 0 ...
26.
Exhibit 22-14
|
|
|
Marginal Physical Product (MPP) |
|
|
|
0 |
0 |
|||
|
1 |
100 |
(C) |
$600 |
(E) |
|
2 |
(A) |
75 |
600 |
(F) |
|
3 |
(B) |
50 |
600 |
(G) |
|
4 |
240 |
(D) |
600 |
(H) |
Assume that labor is the only variable input and that each
additional laborer is paid $600.
Refer to Exhibit 22-14. What is the MPP of the first unit of labor [blank (C)]?
| a. |
50 units |
|
| b. |
100 units |
|
| c. |
600 units |
|
| d. |
700 units |
Homework Answers
ANswer
Option b
100 units
Marginal product of n th unit of labor =total product of n units
of labor -total product of n-1 units of labor
MP(n)=TP(n)-TP(n-1)
MP(1)=100-0=100 units
Add Answer to:
26.
Exhibit 22-14
Quantity of Labor
Output
Marginal Physical Product (MPP)
Wage
Marginal Cost
0 ...
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