(Table: Production Function for Jackson's Custom Photo Framing Shop II) Use Production Function for Jackson's Custom Photo Framing Shop. Jackson runs a custom picture-framing shop. The table shows his daily production function. He can hire a worker at a daily competitive wage of $70, and he sells a custom frame at a competitive price of $10.

$${ \begin{array} { l }
\text { Table: Production Function for Jackson's Custom Photo Framing } \
\text { Shop II }
\end{array} } \
\begin{array} { | l | l | l | }
\hline \begin{array} { l }
\text { Quantity of Labor } \
\text { (workers) }
\end{array} & \begin{array} { l }
\text { Quantity of Picture } \
\text { Frames }
\end{array} & \begin{array} { l }
\text { Value of the } \
\text { Marginal Product }
\end{array} \
\hline 0 & 0 & \
\hline 1 & 2 & \
\hline 2 & 10 & \
\hline 3 & 17 & \
\hline 4 & 23 & \
\hline 5 & 28 & \
\hline 6 & 32 & \
\hline 7 & 35 & \
\hline
\end{array}$$ I. Complete the table by calculating the value of the marginal product of labor (VMPL) for each worker.
II. How many workers would Jackson hire to maximize his profit?

Question

(Table: Production Function for Jackson's Custom Photo Framing Shop II) Use Production Function for Jackson's Custom Photo Framing Shop. Jackson runs a custom picture-framing shop. The table shows his daily production function. He can hire a worker at a daily competitive wage of $70, and he sells a custom frame at a competitive price of $10.
​
 $${ \begin{array} { l } 
\text { Table: Production Function for Jackson's Custom Photo Framing } \
\text { Shop II }
\end{array} } \
\begin{array} { | l | l | l | } 
\hline \begin{array} { l } 
\text { Quantity of Labor } \
\text { (workers) }
\end{array} & \begin{array} { l } 
\text { Quantity of Picture } \
\text { Frames }
\end{array} & \begin{array} { l } 
\text { Value of the } \
\text { Marginal Product }
\end{array} \
\hline 0 & 0 & \
\hline 1 & 2 & \
\hline 2 & 10 & \
\hline 3 & 17 & \
\hline 4 & 23 & \
\hline 5 & 28 & \
\hline 6 & 32 & \
\hline 7 & 35 & \
\hline
\end{array}$$ I. Complete the table by calculating the value of the marginal product of labor (VMPL) for each worker.
II. How many workers would Jackson hire to maximize his profit?

Quizplus · Accepted Answer

The Answer of (Table: Production Function for Jackson's Custom Photo Framing Shop II) Use Production Function for Jackson's Custom Photo Framing Shop. Jackson runs a custom picture-framing shop. The table shows his daily production function. He can hire a worker at a daily competitive wage of $70, and he sells a custom frame at a competitive price of $10.
​
 $${ \begin{array} { l } 
\text { Table: Production Function for Jackson's Custom Photo Framing } \
\text { Shop II }
\end{array} } \
\begin{array} { | l | l | l | } 
\hline \begin{array} { l } 
\text { Quantity of Labor } \
\text { (workers) }
\end{array} & \begin{array} { l } 
\text { Quantity of Picture } \
\text { Frames }
\end{array} & \begin{array} { l } 
\text { Value of the } \
\text { Marginal Product }
\end{array} \
\hline 0 & 0 & \
\hline 1 & 2 & \
\hline 2 & 10 & \
\hline 3 & 17 & \
\hline 4 & 23 & \
\hline 5 & 28 & \
\hline 6 & 32 & \
\hline 7 & 35 & \
\hline
\end{array}$$ I. Complete the table by calculating the value of the marginal product of labor (VMPL) for each worker.
II. How many workers would Jackson hire to maximize his profit?