Question
. Sam’s Chocolate Bras Production is shown in the following table. It costs Sam’s Chocolate Bras...
. Sam’s Chocolate Bras Production is shown in the following table. It costs Sam’s Chocolate Bras $80 per day per worker. Each chocolate bar sells $3.
|
Quantity of Labor |
Quantity of Chocolate Bars |
|
0 1 2 3 4 5 6 7 8 |
0 100 180 240 280 310 330 340 320 |
- Compute the Marginal Product and the value of the Marginal Product that each worker creates.
How many workers should Sam’s Chocolate hire? You need to create a new table here
Homework Answers
Answer #1
b)
Sam would hire workers as long as value of marginal product exceeds the wage rate that needs to be paid to workers.Here, wage rate is $80 per day. So, Sam will hire only 5 workers. ( value of marginal product for 6th worker is less than the wage rate so he won't hire 6th worker).
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