Number of Employees Total Production Marginal Product of Labor Marginal Revenue Product 0 0 0 1 18 18 2 30 12 3 41 11 4 46 5 If the price of the item is $10.00 per unit and the employees cost $100 each, how many employees should the firm hire to maximize their profit

3 workers

Explanation:

Number of            Total Production       Marg. Product   Marg. Revenue

employees                                              of Labor             Product  

0                                          0                           0                      0

1                                         18                           18                   $180

2                                       30                           12                   $120

3                                        41                            11                    $110

4                                       46                            5                    $50

in order to maximize profits, the company must produce until the marginal revenue product ≥ cost of hiring an additional worker. In this case, the company should hire 3 workers since the MRP ($110) ≥ $100.

idk

explanation:

idk

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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