Asked by
Makaryous Kelini
on Oct 26, 2024
Verified
(Table: Value of the Marginal Product of Labor and Demand) Use Table: Value of the Marginal Product of Labor and Demand.In the table,the total product of labor is shown for the hourly production of power cords.Assume that the market for power cords is perfectly competitive.If the price of a power cord is $4 and the market wage rate is $80 per hour,the profit-maximizing quantity of labor is _____ worker(s) .
A) 1
B) 3
C) 5
D) 7
Profit-Maximizing Quantity
The level of production at which a firm can achieve the highest possible profit, determined by the intersection of marginal cost and marginal revenue.
Power Cords
Electrical cables used to connect an appliance or device to the main electricity supply.
Market Wage Rate
The average or standard amount of compensation paid to workers in a specific market or industry for their labor.
- Examine how the cost of production output influences labor demand.
Verified Answer
KH
Learning Objectives
- Examine how the cost of production output influences labor demand.