The owner of a Florida car wash is maximizing profit. The price of a wash is $4.00, a car wash worker's wage rate is $12 an hour, and the car wash employs five workers. What is the marginal product of the fifth car wash worker? If, when the price of a wash rises to $6.00, the car wash hires seven workers, what is the marginal product of the seventh worker? >> Answer to 2 decimal places. When the price of a wash is $4.00, the marginal product of the fifth car wash worker is When the price of a wash rises to $6.00, the marginal product of the seventh car wash worker is

The owner of a Florida car wash is maximizing profit. The price of a wash is $4.00, a car wash worker's wage rate is $12 an hour, and the car wash employs five workers. What is the marginal product of the fifth car wash worker? If, when the price of a wash rises to $6.00, the car wash hires seven workers, what is the marginal product of the seventh worker? >> Answer to 2 decimal places. When the price of a wash is $4.00, the marginal product of the fifth car wash worker is When the price of a wash rises to $6.00, the marginal product of the seventh car wash worker is

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 6P

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