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A competitive firm sells its output for $60 per unit. Assume that labor is the only input that varies for the firm. The marginal product of the 10th worker is 20 units of output per day; the marginal product of the 11th worker is 16 units of output per day. The firm pays its workers a wage of $150 per day. For the 11th worker, the value of the marginal product of labor is

Respuesta :

Answer:

$600

Explanation:

The computation of the value of the marginal product of labor is shown below:-

Value of marginal product of labor (MRPL) of the 10th worker = MRP Price  = Maximum retailing price

= 10 × $60

= $600

Therefore for computing the marginal product of labor we simply applied the above formula and we ignore all other values as they are not relevant.

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