Question

The marginal product of the 14th worker is 8 and the firm sells its output for $4 per unit. if labor is the only variable cost, then the value of the 14th worker's marginal product is:_____.

Answer 1

The marginal product of the 14th worker is 8 and the firm sells its output for $4 per unit. if labor is the only variable cost, then the value of the 14th worker's marginal product equals the wage.

The marginal product's value is equal to the wage, and it produces until the price reaches the marginal cost. A business that prioritizes profits decides how much labor it will use so that the wage and the value of the marginal product are equal. The marginal product of labor, also known as MPL, is the increase in total production that a company experiences when one additional unit of labor (often one additional employee) is added while all other factors of production stay constant. The difference in output or product caused by raising a variable input by one unit is known as the marginal product. You may figure it out by dividing the variation in production by the variation in labor employed.

Learn more about the marginal products here brainly.com/question/14056026

#SPJ4.