A firm currently employs 40 workers at a wage rate of £50.00 \pounds50.00\,£50.00 per day. To recruit one additional worker, the firm must increase the daily wage rate for all workers by 50p.
What is the marginal cost of employing this extra worker?
£0.50\pounds0.50£0.50
£50.50\pounds50.50£50.50
£70.50\pounds70.50£70.50
£2,070.50\pounds2,070.50£2,070.50