Name and CRN: ECON 1101 In-Class Activity 7 Date: In-Class Exercise – Marginal Product of Labor 1. The following table shows the total output each week of workers on a perfectly competitive cherry farm. The equilibrium price of a pound of cherries is $4. Complete the Marginal Product of Labor and the Marginal Revenue Product of Labor columns in the table. Then, using the table, answer the following questions. How many workers will the farmer hire if the equilibrium wage rate is: a. $550 per week? b. $650 per week? I Total Output Marginal Product of Labor Value of Marginal Product of Labor Quantity of Labor 0. 250 0. 000' 1,400 250 1. 350 2. 009 1,200 000 225 3. 006 1,125 1,300 1,450 4. 006 175 009 440 150 9. 110 1,560 DFocus IA 67°F Clear 25 ASUS ZenBook prt sc insert deleta 18 61 backsp
Name and CRN: ECON 1101 In-Class Activity 7 Date: In-Class Exercise – Marginal Product of Labor 1. The following table shows the total output each week of workers on a perfectly competitive cherry farm. The equilibrium price of a pound of cherries is $4. Complete the Marginal Product of Labor and the Marginal Revenue Product of Labor columns in the table. Then, using the table, answer the following questions. How many workers will the farmer hire if the equilibrium wage rate is: a. $550 per week? b. $650 per week? I Total Output Marginal Product of Labor Value of Marginal Product of Labor Quantity of Labor 0. 250 0. 000' 1,400 250 1. 350 2. 009 1,200 000 225 3. 006 1,125 1,300 1,450 4. 006 175 009 440 150 9. 110 1,560 DFocus IA 67°F Clear 25 ASUS ZenBook prt sc insert deleta 18 61 backsp
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 15P
Related questions
Question
Transcribed Image Text:Name and CRN:
ECON 1101
In-Class Activity 7
Date:
In-Class Exercise – Marginal Product of Labor
1. The following table shows the total output each week of workers on a perfectly
competitive cherry farm. The equilibrium price of a pound of cherries is $4. Complete the
Marginal Product of Labor and the Marginal Revenue Product of Labor columns in the
table. Then, using the table, answer the following questions.
How many workers will the farmer hire if the equilibrium wage rate is:
a. $550 per week?
b. $650 per week?
I
Total Output
Marginal Product
of Labor
Value of Marginal
Product of Labor
Quantity of Labor
0.
250
0.
000'
1,400
250
1.
350
2.
009
1,200
000
225
3.
006
1,125
1,300
1,450
4.
006
175
009
440
150
9.
110
1,560
DFocus
IA
67°F Clear
25
ASUS ZenBook
prt sc
insert
deleta
18
61
backsp
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