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High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information...

Question

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information...

High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plast
High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of Workers Chairs Produced per Hour 2 3 18 24 28 30 What is the "Value of the Marginal Product" (VMP) for the third worker?

Answers

Workers Chairs produced MP VMPL
0 0
1 10 10 100
2 18 8 80
3 24 6 60
4 28 4 40
5 30 2 20

VMPL of the 3rd worker = 60


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