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The number of bows that Penny makes per hour and the price the firm sells at shows that the value of the marginal product is $24.95 per hour.
The highest wage the firm will pay is $24.95 per hour.
<h3>What is the value of Penny's marginal product?</h3>
This can be found by the formula:
= Price x Marginal product of Penny
= 4.99 x 5
= $24.95 per hour
The highest wage the firm can pay would be the wage amount that equals their marginal revenue as this is the only way they can maximize profit.
Their marginal revenue in this case is the $24.95 per hour that they pay to Penny so this will be their highest wage to her as well.
Find out more on profit maximization at brainly.com/question/13749309.
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18.47Answer:
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1.86 Miles per hour
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13/7
<span>Let's say in general you want "n" adjacent squares. Each one needs a top, so that's n toothpicks. Each one needs a bottom, so that's another n toothpicks, and we're up to 2n total. You need one on the far left, and one on the far right, which brings us up to 2n + 2 toothpicks. Now we need to worry about the middle ones. But notice that you don't need n toothpicks for the interior because adjacent squares share. It turns out that you only need n-1. That brings us up to a grand total of 3n + 1 toothpicks, which would be 301 for n = 100.
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