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Homework answers / question archive / Simeon's Bakery has the production function per hour shown in the accompanying table
Simeon's Bakery has the production function per hour shown in the accompanying table. The hourly wage rate foreach worker is $9. Each ple sells for $6. Consider the following cost information for the bakery: Quantity of labor Quantity of ples O worker 0 1 4 2 7 3 10 4 12 5 13 a) Calculate the marginal product of labor for each worker and the value of the marginal product per worker. b) Draw the value of the marginal product curve. Use your diagram to determine how many workers Simeon should employ. c) Now the price of ples increases to $8. Calculate the value of the marginal product per worker and draw the new value of the marginal product curve into your diagram. Use your diagram to determine how many workers Patron should employ now.
