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ECO - Automated LAbs uses 5 workers

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Question;Automated LAbs uses 5 workers and 200 machines to produce its product. The marginal product of the last worker is 2 units of output per day, the marginal product of the last machine is 400 units of output per day. Workers are each paid $100 per day, and the rental price of each machine is $300 per day.a. what is the marginal product per dollar spent on a worker?b. what is the marginal product per dollar spent on a machine?c. Is automated labs utilizing workers and machines in the cost minimizing manner?

 

Paper#56304 | Written in 18-Jul-2015

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