Question Completion Status:250250MFC200VMPL200MRPL VMPMRP150150LSPL=MFCL100100505010 20 3010 20 30 40 504050Fig C.Fig D.250250VMPLMFCL200200MRPL=VMPLMRP150150PL M FCL100100505010 20 30 40 5010 20 30 405002. If the firm is facing pure competition both when it buys labor and when it sells its product, what quantity of labor wilI it demand at a wage rate of $100?O (a) 15(b) 20O (c) 35O (d) 40O (e) 100%24%24 250250MFCVMPL200200MRPL-VMPMRPL150150LS100PL=MFCL100505010 203040 50102030 40 50Fig C.Fig D.$.250250MFCL200VMPL200MRPL=VMPLMRP150150Ls100PL=M FCL100505020 30 405010203040501001. Assuming the product price is $2.00, what is the Marginal Physical Product of Labor of the 45th unit of labor?O (a) 15(b) 25(c) 30(d) 35ㅇ (e) 50우%24%24%24%24

We know the labour market is in equilibrium where Demand for labour and supply for labour are equal.…

250 250 MFC 200 VMPL 200 MRP VMP MRP 150 150 LS PL=MFCL 100 100 50 50 10 20 30 40 50 20 30 40 10 50 Fig C. Fig D. 250 250 MFCL VMP 200 200 MRPL=VMPL MRP 150 150 Ls 100 -PL=M FCL 100 50 50 10 20 30 40 50 10 20 30 40 50 2. If the firm is facing pure competition both when it buys labor and when it sells its product, what quantity of labor will i demand at a wage rate of $1007 (a) 15 (b) 20 (c) 35 (d) 40 (e) 100 %24 %24 %24 %24

250 250 MFC 200 VMPL 200 MRP VMP MRP 150 150 LS PL=MFCL 100 100 50 50 10 20 30 40 50 20 30 40 10 50 Fig C. Fig D. 250 250 MFCL VMP 200 200 MRPL=VMPL MRP 150 150 Ls 100 -PL=M FCL 100 50 50 10 20 30 40 50 10 20 30 40 50 2. If the firm is facing pure competition both when it buys labor and when it sells its product, what quantity of labor will i demand at a wage rate of $1007 (a) 15 (b) 20 (c) 35 (d) 40 (e) 100 %24 %24 %24 %24

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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