economics question. answer G paid to resources used by the firms?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, theonly variable input. Using the following table, answer the questions below.(2)(5)(6)Units of(3)MarginalproductMarginalMarginallaborOutputrevenue product costProfit15215330450565677786949810a. Fill in the blanks in column 3 of the table by computing the marginal product oflabor for each level of labor usage.b. Fill in the blanks in column 4 of the table by computing the marginal revenue prod-uct for each level of labor usage.c. How much labor should the manager hire to maximize profit? Why?d. Fill in the blanks in column 5 of the table by computing marginal cost.e. How many units of output should the manager produce to maximize profit? Why?f. Fill in the blanks in column 6 with the profit earned at each level of labor usage.g. Do your answers to parts c and e maximize profit? Does it matter whether themanager chooses labor usage or chooses output to maximize profit? Why?k. How much labor should the manager hire when the wage rate is $20? How muchprofit is earned? Is marginal product greater or less than average product at thislevel of labor usage? Why does it matter?89

A price-taker is an individual or organization that should acknowledge winning prices in a market,…

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) (3) (5) (6) Units of Marginal Marginal labor Marginal product Output revenue product cost Profit 1 5 2 10 a. Fill in the blanks in column 3 of the table by computing the marginal product of 3 4 6 7 9 * 版刀张头邹邹 15 30 50 66 71 86 94

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) (3) (5) (6) Units of Marginal Marginal labor Marginal product Output revenue product cost Profit 1 5 2 10 a. Fill in the blanks in column 3 of the table by computing the marginal product of 3 4 6 7 9 * 版刀张头邹邹 15 30 50 66 71 86 94

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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