Microeconomics help!!

• Sabrotguin

  1 Jun 10, 17:31

  No. Of Workers   Units of output   Marginal Product  Ave Product   Marginal revenue

  2                              100

  3                              160

  4                               210

  5                              250

  6                              280

  7                              300

  8                              310

  9                              300

   

  1. Fill in the Marginal Product and Average Product columns in the table. When diminishing marginal returns set in?
  2. If the price of output is $0.50 per unit, fill in the Marginal Revenue Product column in the table.
  3. If the price of output is $0.50 per unit and the wage rate is $20 per worker, how many workers should this firm hire?

  Guys, the last column is marginal revenue product, but not enough space to write. Please help me, its due at 9am tomorrow!! :(

• Supaman92

  1 Jun 10, 22:18

  Marginal product = Output at X workers - output at (X-1) workers

  Avg output = Output at X workers / no. of workers

  Marginal revenue = Marginal product x price per unit

  Go calculate the values on your own. Go google these sort of questions first before you post it here in the future. (:

• -StarDust-

  1 Jun 10, 22:21

  Wah chim ah.

• Sabrotguin

  1 Jun 10, 23:20

  Wa nice one la supaman. Thanks man, i owe you one. You saved my ass for tomorrow!!! HAHA :D

• Rooney9

  1 Jun 10, 23:23

  hey kid do u understand the concept or not? if u dun understand, whats the use. it is just like copying and then submit and you wont understand a thing. what if the same equation comes out and you wont be able to do it.