ECON 342 ECON342 Homework 5 with Answers (Penn State University)

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ECON 342 ECON342 Homework 5 Answer (Penn State University)

1. (10 points) Suppose there are two types of workers. Type 1 workers have a marginal product of labor (MP_L) = 1. That is, if a firm hires an extra Type I worker, that worker will produce 1 extra unit of output. Type II workers have a MP_L = 2. The firm can sell each extra unit of output for P = $10,000.

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