Consider a printing press that operates in a perfectly competitive market.Also,assume that the market for printing press workers is competitive.The following table shows the employment levels and the daily output of notebooks manufactured by the printing press.

a)Calculate the marginal product of the employees.If the price at which a notebook is sold is $2,calculate the value of the marginal product of the employees.
b)If the market wage rate is $80,how many employees should the firm hire?
c)If the market wage rate is $46,how many employees should the firm hire?

Question

Consider a printing press that operates in a perfectly competitive market.Also,assume that the market for printing press workers is competitive.The following table shows the employment levels and the daily output of notebooks manufactured by the printing press.
  
a)Calculate the marginal product of the employees.If the price at which a notebook is sold is $2,calculate the value of the marginal product of the employees.
b)If the market wage rate is $80,how many employees should the firm hire?
c)If the market wage rate is $46,how many employees should the firm hire?

Quizplus · Accepted Answer

The Answer of Consider a printing press that operates in a perfectly competitive market.Also,assume that the market for printing press workers is competitive.The following table shows the employment levels and the daily output of notebooks manufactured by the printing press.
  
a)Calculate the marginal product of the employees.If the price at which a notebook is sold is $2,calculate the value of the marginal product of the employees.
b)If the market wage rate is $80,how many employees should the firm hire?
c)If the market wage rate is $46,how many employees should the firm hire?

Consider a Printing Press That Operates in a Perfectly Competitive