A firm sells bagels for £0.51 each. With 8 workers the firm produces 72 dozen per hour, and with 9 workers it produces 83 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ . (b) Assume an 8-hour shift per worker and the labour market is perfectly competitive. To within two decimal places, the market hourly wage rate is £ .
A firm sells bagels for £0.51 each. With 8 workers the firm produces 72 dozen per hour, and with 9 workers it produces 83 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ . (b) Assume an 8-hour shift per worker and the labour market is perfectly competitive. To within two decimal places, the market hourly wage rate is £ .
Chapter11: Labor Markets
Section: Chapter Questions
Problem 1SQ
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A firm sells bagels for £0.51 each. With 8 workers the firm produces 72 dozen per hour, and with 9 workers it produces 83 dozen per hour.
(a) To within two decimal places, the marginal revenue product of labor is £ .
(b) Assume an 8-hour shift per worker and the labour market is
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