This preview shows page 1. Sign up to view the full content.
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? = ________________ Print this sheet and record your answers on the printout, and bring the printout with your answers to class on Thursday....
View Full Document
- Fall '08