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Managing A Small Manufacturing Facility

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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.

No. of workers Total Labor Cost Output Total Revenue
1 $145 100 $190
2 290 105 380
3 435 111 840
4 680 120 1320
5 725 125 1650
6 870 129 1780
7 1015 131 1800

- What is the marginal product of the third worker?
- What is the marginal revenue product of the fourth worker?
- What is the marginal cost of the sixth worker?
- Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

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