consider an economy with 200 workers. assume the marginal product of labor (mpl) is 10 and the value of the marginal product of labor (vmpl) is $90. what is the market price (p)?

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06-12-2022
Mathematics

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consider an economy with 200 workers. assume the marginal product of labor (mpl) is 10 and the value of the marginal product of labor (vmpl) is $90. what is the market price (p)?

Sagot :

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Tundexiidn Tundexiidn · Answer 1 · 2022-12-08T07:08:18-05:00

The market price in this economy equals to $9.

What is market price?

Basically, a market price is the amount of money for what an asset can be sold in a market. In other word, it is the cost of the products determined with respect to the point where the demand meets supply.

The value of marginal product of labor (VMPL) is equal to the marginal product of labor (MPL) multiplied by the market price (P).

In this case, to find market price, we will divide the the value of the marginal product of labor by the marginal product of labor:

= 90/10

= $9

Sagot :

What is market price?

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