The average product of the 10 employees of ABC is 1000 bags. The firm is considering...
The average product of the 10 employees of ABC is 1000 bags. The firm is considering employing a Chinese worker whose marginal product is 900 bags. Each bag is sold at K 10.00
a) What is the average product after this worker is employed?
b) Should ABC employee the new Chinese worker if he demands a wage of K 8 000.00
c) What is the maximum wage ABC can pay the Chinese worker
Homework Answers
A) Current AP = 1000
Current TP = AP.Q = 1000*10 = 10,000
MP = 900
NEW TP = 10,000+900 = 10,900
New AP = TP/Q = 10,900/11 = 990.91
B) Wage demanded = 8000
MRP of hiring additional worker = MP.P = 900*10 = 9000
Since MRP>W, it would be profitable to hire the worker.
Thus, the new worker should be hired
C) The maximum wage that can be offered would be equal to MRP = K 9000
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