The following table shows the number of machines used and the daily output of a firm manufacturing notebooks.
a)Calculate the marginal product of capital at different levels of employment.If the market price of each notebook is $3,calculate the value of the marginal product of capital.
b)How many machines should the firm rent if the rental price of each machine is $12 per day? How many machines should the firm rent if the rental price increases to $30 per day?
Definitions:
National Labor Relations Act
A foundational United States law that protects the rights of employees to organize, bargain collectively, and engage in other activities concerning their labor rights.
Workers' Compensation
A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment.
Sexual Harassing
Unwanted and inappropriate actions, comments, or conduct of a sexual nature that creates a hostile or offensive work environment.
Social Plan
A strategy or program implemented by a company to mitigate the effects of restructuring, such as layoffs, on employees.
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