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bf 23 Martin's Magical Milk Farm produces cow's milk and sells it to a local...

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Accounting

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bf 23 Martin's Magical Milk Farm produces cow's milk and sells it to a local store for $2.20 per gallon. Agricultural workers in the area are paid a fixed wage rate of $75 per day. Use this information and the information in the table to answer the questions. Assume that the milk farm is profit maximizing. Workers Quantity of milk per day (gallons) 0 0 1 50 95 2 3 125 4 5 145 155 160 6 What is the marginal product of labor (MPL) for employing a third worker? MPL = gallons What is the value of the marginal product of labor (VMPL) for employing a sixth worker? VMPL = $ How many employees should Martin's farm employ? employees How many employees should Martin's farm employ if the price he received per gallon of milk rose to $2.502 employees

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