26 Jul WHAT IS THE MARGINAL PRODUCT MPL FOR THE WORKERS?
Tiffany florist specializes in flower bouquet for graduation wedding and university photo day. Tiff Show more Tiffany florist specializes in flower bouquet for graduation wedding and university photo day. Tiffany florist incurs a fixed cost of renting equipment of $100 per day. Each worker is paid $50 per day. The daily production is shown below: a. What is the marginal product MPL for the workers? What principle explains why the marginal product per worker declines as the number of workers employed increases? b. What is the marginal cost MC? Can you find the MC of producing each of the first 5 bouquet? 6th to 9th bouquet? And the rest? What principle explains why marginal cost per bouquet increases as the number of bouquet increases? Show less
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