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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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