The table below refers to the relationship between the quantity of workers employed and the...
Question:
The table below refers to the relationship between the quantity of workers employed and the number of computers produced per day in a company.
a. Fill in the blanks in the table,
b. Discuss the relationship between the marginal revenue product of labor and the wage in the company,
c. How many workers does the company hire a worker to maximize its profit? Why?
| Quantity of workers L | Output of computers Q | MP of labor | Product price P | MRP of labor | Wages W | Additional profit from hiring one more worker |
| 0 | 0 | - | 10 | - | 90 | - |
| 1 | 18 | |||||
| 2 | 33 | |||||
| 3 | 45 | |||||
| 4 | 54 | |||||
| 5 | 60 | |||||
| 6 | 63 |
Marginal Analysis:
The firms can use either total cost and revenue or marginal analysis to take a call on various economic decisions. The decisions regarding the output at which it will earn maximum profit, to shutdown, optimum utilization of labor force are taken based on marginal analysis.
Answer and Explanation: 1
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- The marginal productivity of labor is the additional units produced by recruiting an additional worker.
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Labor Productivity: Definition & Equation
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Chapter 17 / Lesson 16
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Learn about labor productivity. Understand how to calculate labor productivity, examine the labor productivity formulas, and see how to improve labor productivity.
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