-In the above table, if the marginal factor cost is $480, how many workers would be hired?

Question

Quizplus · Accepted Answer

The number of workers hired is determined where the marginal revenue product (MRP) equals the marginal factor cost (MFC). If the MFC is $480, you would hire workers until the MRP is equal to or just above $480. Assuming the table shows MRP values, 5 workers would be hired if the MRP for the 5th worker is closest to $480.

-In the Above Table, If the Marginal Factor Cost Is