Suppose you work as a manager in a firm. Your job is to hire the right number of people to maximize profit. Every worker you hire costs $150 per day, and each unit of output sells for $18 per unit. Given your current labor force, you know that if you hire another worker, that person will increase your output by 32.
1. What is the marginal product of the worker you are considering hiring?
2 What is the value of the marginal product of labor for this potential employee?
3. What is the marginal profnt or loss for hiring this employee? (Use a negative number if hiring this person results in a net loss
4. Should this additional worker be hired?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Suppose you work as a manager in a firm. Your job is to hire the right number of people to maximize profit. Every worker you hire costs ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Gray Company, a closely held C corporation, incurs a $50,000 loss on a passive activity during the year. The company has active income of $34,000 and portfolio income of $24,000.
Answers (1)
Cartels: a. encourage competition. b. attempt to restrict output in order to raise prices. c. rely on legally enforceable contracts between cartel participants. d. rely on advertising and packaging to increase profits. e. All of the above.
Answers (1)
The business philosophy of "produce as much as you can because there is a limitless market" is consistent with which of the following marketing eras? select one: a. production era b. selling era c. marketing era d. customer relationship era
Answers (1)
Direct financing works in multiple ways. Put the following events in order to show how direct financing can strengthen an economy's GDP and financial standing. A.
Answers (1)
Suppose a tax of $0.10 per unit on a good creates a deadweight loss of $100. if the tax increased to $0.25 per unit, the deadwight loss from the new tax would be
Answers (1)
New Questions in Business
n 2010, the country of Vesey exported goods worth $312 billion and services worth $198 billion. It imported goods worth $525 billion and services worth $255 billion. It sent $1.
Answers (1)
Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000.
Answers (1)
Responsible boaters use cleaning products that won't harm lakes or rivers. which product is a responsible choice for cleaning your boat
Answers (1)
During a recessionary period, which of the following economic behavior would be expected? Consumer would switch from premium brands to lower-priced ones. Consumer use of credit would increase. Taxes would increase nationally.
Answers (1)
Rank the following types of businesses in order of risk to you, with the highest being number 1: partnership, limited partnership, limited liability company, sole proprietorship
Answers (1)