Unformatted text preview: The following table contains production data. Sheet Metal-Forming Machines Labor Number of Panels Produced MP L AP L VMP L 5 5 1 600 5 2 1,000 5 3 1,290 5 4 1,480 5 5 1,600 5 6 1,680 a. Fill in the table. MP L is the marginal product of labor, AP L is the average product of labor, and VMP L is the value marginal product of labor. b. How much labor should the firm employ to maximize profit? L = ___________ c. What is the maximum profit? π = ________________ Print this sheet and record your answers on the printout, and bring the printout with your answers to class on Thursday....
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This note was uploaded on 11/04/2010 for the course ECON 303 taught by Professor Shrestha during the Fall '08 term at VCU.
- Fall '08