Number of Workers Output per Hour 0 0 1 7 2 12 3 15 4 17 5 18 According to the t

Question

   Number of Workers      Output per Hour     

          0                                              0                      

          1                                              7                       

          2                                             12                      

          3                                             15                      

          4                                             17                      

          5                                             18                      

According to the table above, if the product price is $5 and the wage rate is $10 per hour, how many workers should this firm hire?

            a.            3

            b.            5

            c.            4

            d.            1

            e.            2

Show all work please :)

Explanation / Answer

Ans: b since the cost of production is the lowest when we have 5 workers.

No of workers Output/hr Cost/Unit 0 0 0 1 7 0.7 2 12 0.6 3 15 0.5 4 17 0.43 5 18 0.36

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