The following table shows the total output per hour produced in a factory at various levels...
The following table shows the total output per hour produced in a factory at various levels of employment of labor. The firm sells each unit of output at $2 and each worker is paid a wage of $12. What is the optimal number of workers (where wage equals marginal revenue)?
| Number of Workers | Total Output | Marginal Output |
|---|---|---|
| 1 | 8 | |
| 2 | 18 | 10 |
| 3 | 30 | 12 |
| 4 | 41 | 11 |
| 5 | 50 | 9 |
| 6 | 56 | 6 |
| 7 | 60 | 4 |
| 8 | 61 | 1 |
| 9 | 62 | -1 |
Answers:
A. 4
B. 8
C. 5
D. 7
E. 6
Homework Answers
E. 6
At optimum marginal output = W/P
W/P = 12/2= 6
Marginal output is 6 when number of workers is 6
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