Statistics Solutions

(See Solution) You have been hired to manage a small manufacturing facility which has cost and production data given in the table below. No. of workers

Question: You have been hired to manage a small manufacturing facility which has cost and production data given in the table below.

No. of workers Total Labor Cost Output Total Revenue

1                       $50                  100             $700

2                       100                  180             1150

3                       150                  240             1440

4                       200                  290             1570

5                       250                  330             1670

6                       300                  360             1710

7                       350                  380             1730

  1. What is the marginal product of the second worker?
  2. What is the marginal revenue product of the fourth worker?
  3. What is the marginal cost of the first worker?
  4. Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

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