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Economics Lecture Twelve (view source)

Revision as of 16:32, December 2, 2009

32 bytes added ,  16:32, December 2, 2009
use table
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Let’s apply this to an example.  Suppose a firm has a declining marginal product for each additional laborer hired, such that:
 
Let’s apply this to an example.  Suppose a firm has a declining marginal product for each additional laborer hired, such that:
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<pre>
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{| class="wikitable"
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Labor Units (L) Marginal Product (MP)
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!Labor Units (L)
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1 20
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!Marginal Product (MP)
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2 18
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|-
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3 16
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|1
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4 14
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|20
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5 12
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|-
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6 10
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|2
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7 8
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|18
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</pre>
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|-
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|3
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|16
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|-
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|4
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|14
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|5
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|12
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|10
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|}
    
Suppose the wage W for each employee is $70 and the price the output is sold for is $5.  How many workers should you hire?
 
Suppose the wage W for each employee is $70 and the price the output is sold for is $5.  How many workers should you hire?
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