The following table depicts the output of a firm that manufactures computer printers. The printers sell...
The following table depicts the output of a firm that manufactures computer printers. The printers sell for $100 each.
|
Labor Input (workers per week) |
Total Physical Output (printers per week) |
Marginal Physical Product |
Marginal Revenue Product |
|
10 |
200 |
- |
- |
|
11 |
221 |
21 |
2,100 |
|
12 |
240 |
19 |
1,900 |
|
13 |
257 |
17 |
1,700 |
|
14 |
272 |
15 |
1,500 |
|
15 |
285 |
13 |
1,300 |
|
16 |
296 |
11 |
1,100 |
Suppose this firm has chosen to hire 15 workers.
What is the maximum wage the firm would be willing to pay?
Homework Answers
The maximum wage that the employer would be willing to pay to hire 15 workers is equal to the value of the marginal product of 15 labors which is equal to 1300
So, the maximum wage to hire 15 workers is 1300.
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