Scenario: A small apple orchard operates in a perfectly competitive output market (the market for apples) and input or factor market (the market for apple pickers). The market price of apples is $1 per pound, and the market wage for apple pickers is $50 per day. See the following table.

-Refer to the scenario above.What is the value of the marginal product of labor for hiring the tenth worker?

Question

Scenario: A small apple orchard operates in a perfectly competitive output market (the market for apples) and input or factor market (the market for apple pickers). The market price of apples is $1 per pound, and the market wage for apple pickers is $50 per day. See the following table.
 
-Refer to the scenario above.What is the value of the marginal product of labor for hiring the tenth worker?

Quizplus · Accepted Answer

The marginal product of labor is the additional output produced by hiring one more worker. The value of the marginal product is calculated by multiplying the marginal product by the price of the output. Without specific data from the scenario, we assume the given choices reflect the calculated values, and $50 is the most plausible value for the tenth worker.

Scenario: a Small Apple Orchard Operates in a Perfectly Competitive