Use the table below to answer the following questions.
Table 17.2.2
Wendy owns an apple orchard and she employs students to pick the apples.In an hour they can pick the following amounts:
-Refer to Table 17.2.2.If the price of apples is $0.50 per kilogram,the value of marginal product of the 5th student is

Question

Use the table below to answer the following questions.
Table 17.2.2
Wendy owns an apple orchard and she employs students to pick the apples.In an hour they can pick the following amounts: 
-Refer to Table 17.2.2.If the price of apples is $0.50 per kilogram,the value of marginal product of the 5th student is

Quizplus · Accepted Answer

The value of marginal product (VMP) of the 5th student is the additional value (in dollars) from adding one more hour of work from the 5th student. Using the table, we can see that the 5th student can pick 20 kilograms of apples in one hour. Therefore, the VMP of the 5th student is 20 kilograms x $0.50/kilogram = $10/hour.

Use the Table Below to Answer the Following Questions