In: Economics
Number of Employees | Total Production | Marginal Product of Labor | Marginal Revenue Product |
0 | 0 | 0 | |
1 | 18 | 18 | |
2 | 30 | 12 | |
3 | 41 | 11 | |
4 | 46 | 5 |
If the price of the item is $10.00 per unit and the
employees cost $100 each, how many employees should the firm hire
to maximize their profit?
Two employees
Three employees
Four employees
One employee