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Economics

Q. Elucidates marginal product of labour and diminishing marginal product. Let's assume your company makes widgets and you have clients that buy 1,000 of se widgets per day. An employee can make an average of 70 widgets per eight hours. se widgets cost company $10 dollars in materials each to make. Widgets are sold to customers for $15 dollars each.

You must pay employees minimum wage and right now minimum wage is $7.25 in many states. Our reading assignment in Chapter 18 says companies will hire workers up to point where value of marginal product of labour equals way. Based on information provided in my scenario, Illustrate what is value of marginal product? How many employees should you hire? Illustrate what wage should you set for your widget making employees?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9292946

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