Question
In: Economics
1. The owner and manager of a duplicating service near a major university, is contemplating keeping...
1. The owner and manager of a duplicating service near a major university, is contemplating keeping his shop open in the evening until midnight. In order to do so, he would have to hire additional workers. He estimates that the additional workers would generate the following total output (where each unit of output refers to 100 pages duplicated). If the price of each worker hired must be paid $150 and the price of each unit of output duplicated is $10, how many workers should he hire?
Workers Hired 0 1 2 3 4 5 6
Total Product 0 22 46 70 92 103 108
To work this problem you will need to calculate the MRP values and then compare them to the MRC.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
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