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Question 1

The table below shows data for the production of Apples for an individual firm.

Number of workersNumber of Apples
00
170
2126
3168
4196
5210

Given this data, what is the marginal product of labor when quantity increases from 3 by one unit?

 

The table below shows data for the production of Oranges for an individual firm.

Number of workersNumber of Oranges
00
10110
20198
30264
40308
50330

Given this data, what is marginal product of labor when quantity increases from 40 by ten units?

 

The table below shows data for the production of Oranges for an individual firm operating in a perfectly competitive market. Suppose that the price of Oranges is $10.

Given this data, complete the table:

 Quantity of Oranges  Marginal Product of Labor (MPL) Value of the Marginal Product of Labor (VMPL)
0 - -
10
20
30
40
50