10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined price of $2 per unit for its output. The wage rate is $10 per unit of labor, the only variable input. Using the following table, answer the questions below. (2) (5) (6) (1) Units of labor (3) Marginal product Marginal revenue product cost Marginal Output Profit 1 5 2 3 4 5 7 9 10 a. Fill in the blanks in column 3 of the table by computing the marginal product of labor for each level of labor usage. 15 30 50 65 77 96 | 丌 鲆 邹 瓴
10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined price of $2 per unit for its output. The wage rate is $10 per unit of labor, the only variable input. Using the following table, answer the questions below. (2) (5) (6) (1) Units of labor (3) Marginal product Marginal revenue product cost Marginal Output Profit 1 5 2 3 4 5 7 9 10 a. Fill in the blanks in column 3 of the table by computing the marginal product of labor for each level of labor usage. 15 30 50 65 77 96 | 丌 鲆 邹 瓴
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 3PA
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