November 29, 2015

Homework Help: MicroEcon

Posted by Bob on Monday, January 28, 2013 at 12:02pm.

Suppose that you supply bottled water in a competitive market and that you are producing the profit-maximizing quantity of bottled water. If you can sell your water at $2 a bottle and you currently employ five workers at a wage of $50 a day, what is the value of the marginal product of the last worker you hired? What is the marginal product of that worker?

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