Marginal Product
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A trust company is paying a commission to real estate agents for housing units sold at a flat rate of $2000 & $3000 per unit. The manager estimates the following marginal product schedule for the agents.
(see attachment for chart)
What would the marginal revenue product schedule be for $2000 & $3000 per unit using the information above?
If the manager must pay a wage rate of $32,000 per yr, how many agents should he hire & why?
If wage rate drops to $18,000 per yr, how many agents should he hire?
When the trust company is paying $3000 per unit sold & the wage rate is $30,000, how many agents should he hire?
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Solution Summary
What would the marginal revenue product schedule be for $2000 & $3000 per unit using the information above?
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