The Table Below Has the Marginal Product Schedule for a Firm.If

question 54

Essay

The table below has the marginal product schedule for a firm.If the price of the product is $2 a unit,complete the table.If the wage rate is $8 an hour,how many workers does the firm hire?
$$\begin{array} { c c c } \begin{array} { c } \text { Quantity of } \\\text { labor } \\\text { (workers) }\end{array} & \begin{array} { c } \text { Marginal } \\\text { product } \\\text { (units per hour) }\end{array} & \begin{array} { c } \text { Value of marginal } \\\text { product } \\\text { (dollars) }\end{array} \\\hline 1 & 10 & - \\2 & 8 & - \\3 & 6 & - \\4 & 4 & - \\\hline\end{array}$$

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