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.

answer; the above statement is half right, but mayo was not known as the father of scientific management..so the above is ( w taylor was known as the father of scientific

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.