Maharaja Samosa produces samosas The market for samosas is perfectly competitive

Question

Maharaja Samosa produces samosas The market for samosas is perfectly competitive, and the price is $3.50 a samosa Samosas Workers per day The labor market is competitive, and the wage rate is $TO 00 a day The table showrs part of the workers' total product schedule Calculate the marginal product of hiring the fourth worker and the value of the 59 75 marginal product of the fourth worker The marginal product of hiting the tourth worker is samosas a day The value of the marginail product of the fourth worker is aday Enter your arwe n each of the answer bo 5 8 B N M

Explanation / Answer

Price of a samosa = $3.50

Wage rate = $70 a day.

The marginal product of hiring the fourth worker = 20 samosas per day.

The value of the marginal product of the fourth worker = $70 a day.

Worker Samosas per day (Total product, TP) Marginal product (MP) Value of marginal product (VMP) =P(MP) 2 15 - - 3 39 24 (3.50)(24)= 84 4 59 20 (3.50)(20)=70 5 75 16 (3.50)(16)=56 6 83 8 (3.50)(8)=28

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