A competitive firm sells its output for $50 per unit. Assume that labor is the only input that varies for the firm. The marginal product of the 10th worker is 10 units of output per day; the marginal product of the 11th worker is 8 units of output per day. The firm pays its workers a wage of $160 per day. For the 10th worker, the value of the marginal product of labor is .A. $400. B. $1,280. C. $500. D. $250.

C. $500

Explanation:

According to neoclassical economic theory, the factors of production are paid their marginal product. This payment is called the factor price.

In this case, labor is the factor of production, and the factor price is the wage, therefore, the wage is equal to the marginal product.

If the 10th worker has a marginal product of 10 units of output, and each unit of output is worth $50, then, his wage is:

10 x $50 = $500

you're crazy if you think that someone is going to write a 500 word report for you.

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi