Given the following production function for Tight Jeans Corporation, calculate the marginal physical product and the value of the marginal physical product. Note the value of the marginal physical product is the price of the product multiplied by the marginal physical product. Assume the price of a pair of jeans is $30.
Short-Run Production Function
Labor input (workers per day) 0 1 2 3 4 5 6 7 8
Output pairs of jeans per day 0 10 36 56 68 74 76 76 74
Marginal physical product 10 26 20 12 6 2 0 -2
Value of the marginal physical product
Required:
Indicate negative responses with a - negative sign.
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