The marginal product of labor tells us a which

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13. The marginal product of labor tells us A) which employee is the most productive. B) the average output produced by each employee. **C) the additional output produced by each employee. D) how much money the firm can make from hiring each employee. 3
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TABLE 3 Total # of Pots Number of Workers Produced Per Day 0 0 1 6 2 13 3 18 4 21 5 23 6 22 14. Referring to Table 3, which of the following statements is INCORRECT? If pots sell for a fixed price of $20 each then **A) the marginal revenue product of labor of the second worker is $260. B) the marginal product of the second worker is seven pots. C) the marginal product of the fourth worker is 3 pots D) the marginal revenue product of labor of the second worker is $140 15. Referring to Table 3, if wages are $40.00 per day and pots sell for $20.00 each, how many potters will the firm hire? 4
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Washington State University Economics 350: Labor Economics Prof. Ananish Chaudhuri First Exam September 18, 2000 WRITE YOUR ANSWERS ON THIS SHEET: USE CAPITAL LETTERS NAME: 1. 6. 11. | 16. | 2. 7. 12. | 17. | 3. 8. 13. | 18. | 4. 9. 14. | 19. | 5. 10. 15. | 20. 5
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  • Fall '06
  • Miller
  • Economics, hourly wage rate, Prof. Ananish Chaudhuri

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