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Suppose a campus restaurant increases the number of workers it hires from 2 workers per day to 12 workers per day. As a result, it
total revenue increases from $90 per day to $600 per day.

Assuming that each worker is equally productive, whats the marginal revenue product per day of each additional worker?

Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, whats is the current weekly wage rate in the labor market?

Respuesta :

Answer:

It will increase 12 workers per day and increase exponentially with 2 workers. It will also increase by $510 every day.  The restaurant will gain more profit if each worker continues to keep their current weekly wage rate.

Explanation:

abiolataiwo2015

a. The marginal revenue product per day of each additional worker is $51 per day.

b. The current weekly wage rate in the labor market is $255.

a. Marginal revenue product per day

Using this formula

Marginal revenue product=Incremental revenue/Incremental workers

Let plug in the formula

Marginal revenue product=($600-$90)/(12-2)

Marginal revenue product=$510/10

Marginal revenue product=$51 per day

b. Current weekly wage rate

Weekly wage rate=$51×5 days

Weekly wage rate=$255

Inconclusion the marginal revenue product per day of each additional worker is $51 per day and the current weekly wage rate in the labor market is $255.

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