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Sever21 [200]
3 years ago
15

A competitive firm sells its output for $50 per unit. Assume that labor is the only input that varies for the firm. The marginal

product of the 10th worker is 10 units of output per day; the marginal product of the 11th worker is 8 units of output per day. The firm pays its workers a wage of $160 per day. For the 10th worker, the value of the marginal product of labor is
Business
1 answer:
noname [10]3 years ago
5 0

Answer:

the value of the marginal product of labor is $500

Explanation:

The computation of the value of the marginal product of labor is shown below:

= MRP × price per unit

= 10 units × $50 per unit

= $500

hence, the value of the marginal product of labor is $500

We simply applied the above formula

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