Question 24 You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of product X. Furthermore, assume that each unit of product X sells for $26.16, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is $58.85 per week. Determine the value marginal product (VMPL) of the 7th worker. Labor (L) Capital (K) Output (Q) 0 3 0 3 15 1 3 35 2 3 60 3 4 3 95 3 145 5 3 215 6 7 8 3 33 3 315 395 9 10 3 33 440 460 3 475 11 12 3 485 hedule detailing the weekly total production of per week, and the cost of each unit of capital is tz uolzsano C
Question 24 You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of product X. Furthermore, assume that each unit of product X sells for $26.16, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is $58.85 per week. Determine the value marginal product (VMPL) of the 7th worker. Labor (L) Capital (K) Output (Q) 0 3 0 3 15 1 3 35 2 3 60 3 4 3 95 3 145 5 3 215 6 7 8 3 33 3 315 395 9 10 3 33 440 460 3 475 11 12 3 485 hedule detailing the weekly total production of per week, and the cost of each unit of capital is tz uolzsano C
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Question 24
You have recently secured a position as the manager at a company specializing in the production of a certain product, X. Below is a schedule detailing the weekly total production of
product X. Furthermore, assume that each unit of product X sells for $26.16, labor can be hired from a competitive job market for $150 per week, and the cost of each unit of capital is
$58.85 per week. Determine the value marginal product (VMPL) of the 7th worker.
Labor (L) Capital (K) Output (Q)
0
3
0
3
15
1
3
35
2
3
60
3
4
3
95
3
145
5
3
215
6
7
8
3
33
3
315
395
9
10
3
33
440
460
3
475
11
12
3
485
Transcribed Image Text:hedule detailing the weekly total production of
per week, and the cost of each unit of capital is
tz uolzsano
C
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