Figure 17-1 Figure 17-1 shows the marginal revenue product for Becca's Baubles,a producer of hand-beaded bracelets.
-Refer to Figure 17-1.If the wage rate is $20,how many workers should Becca hire?

Question

Figure 17-1  Figure 17-1 shows the marginal revenue product for Becca's Baubles,a producer of hand-beaded bracelets.
-Refer to Figure 17-1.If the wage rate is $20,how many workers should Becca hire?

Quizplus · Accepted Answer

At a wage rate of $20, Becca should hire 6 workers. This is the point where the marginal revenue product of labor (MRPL) equals the wage rate.

Figure 17-1 Figure 17-1 Shows the Marginal Revenue Product