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Alex787 [66]
3 years ago
13

Given the following production function for Tight Jeans Corporation, calculate the marginal physical product and the value of th

e marginal physical product. Note the value of the marginal physical product is the price of the product multiplied by the marginal physical product. Assume the price of a pair of jeans is $30.
Short-Run Production Function
Labor input (workers per day) 0 1 2 3 4 5 6 7 8
Output pairs of jeans per day 0 10 36 56 68 74 76 76 74
Marginal physical product 10 26 20 12 6 2 0 -2
Value of the marginal physical product

Required:
Indicate negative responses with a - negative sign.
Business
1 answer:
kicyunya [14]3 years ago
5 0

Answer:

labor input      pairs of jeans      marginal physical     value of marginal

                       per day                product                     physical product

0                          0                          0                               0

1                         10                         10                            $300

2                         36                         26                            $780

3                         56                         20                            $600

4                         68                         12                            $360

5                         74                          6                            $180

6                         76                          2                             $60

7                         76                          0                                0

8                         74                         -2                            -$60

The marginal revenue product is the value of marginal physical product, and you calculate it by multiplying marginal physical product times the unit price of the pair of jeans.

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