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The Table Below Shows the Total Production for Varying Numbers

question 51

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The table below shows the total production for varying numbers of hours worked producing yo- yos.The firm sells its product and hires its workers in competitive markets.  Number of  Hours Worked  Number of  Yo-Yos  Produced  Wage Rate  per Hour ($)  Price of Yo- Yos ($) 106010511701051278105138410514881051590105\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Number of } \\\text { Hours Worked }\end{array} & \begin{array} { c } \text { Number of } \\\text { Yo-Yos } \\\text { Produced }\end{array} & \begin{array} { c } \text { Wage Rate } \\\text { per Hour } ( \$ ) \end{array} & \begin{array} { c } \text { Price of Yo- Yos } \\( \$ ) \end{array} \\\hline 10 & 60 & 10 & 5 \\\hline 11 & 70 & 10 & 5 \\\hline 12 & 78 & 10 & 5 \\\hline 13 & 84 & 10 & 5 \\\hline 14 & 88 & 10 & 5 \\\hline 15 & 90 & 10 & 5 \\\hline\end{array} TABLE 13- 4
-Consider labour hired for $1000 per week.If the last week of labour hired produces 0.25 units of output which sells for $5000 per unit,labour should be hired in this situation since the wage is MRP.

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