The following table gives output for different numbers of workers for Shiny Sleeves, a producer of shirt varnish.

Shiny Sleeve’s wages are $20 per hour.

For each level of workers, calculate Shiny Sleeve’s total hourly wage cost.

Instructions: Enter Marginal Product and Wage Cost in whole numbers and Marginal Cost rounded to two decimal places.

For each jump between levels of workers and output, calculate Shiny Sleeve’s Marginal Product and Marginal Cost.

workers	output/hour	marginal product	total cost wage	marginal cost
1	10
2	18
3	24
4	28

Expert Solution

Total cost = Workers * Wager per hour

Marginal product = Outputn - Outputn-1 where n is the number of worker hired.

Marginal cost = = Total costn - Total costn-1 where n is the number of worker hired.

Workers	Output / Hour	Marginal Product	Total Cost	Marginal Cost
1	10	-	20	-
2	18	8	40	20
3	24	6	60	20
4	28	4	80	20

Rahul Sunny answered 1 year ago

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