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Suppose that eight workers can manufacture 70 radios per day and that nine workers can manufacture 90 radios per day. If radios can be sold for $20 each, the value of marginal product (VMP) of the ninth worker is: [Note that the value of marginal product (VMP) is the value to a firm of hiring one more unit of a factor of production, which equals price of a unit of output multiplied by the marginal product of the factor of production.]

Respuesta :

$400 equals price of a unit of output multiplied by the marginal product of the factor of production.

What is production?

In a manufacturing process, production is the method of converting raw materials or inputs into finished goods or products. In other words, it refers to the process of creating something from basic inputs.

The process of making, harvesting, or creating something, or the quantity of something made or harvested, is referred to as production. Furniture production is an example of production. Harvesting corn for consumption is an example of production. The amount of corn produced is an example of production.

Production is the process of combining various material and immaterial inputs (such as plans and knowledge) to create something for consumption (output). It is the act of producing an output, such as a good or service, that has value and contributes to people's utility.

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https://brainly.com/question/16755022

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