44. If the firm is facing pure competition both when it buys labor and when it sells its product, what quantity of labor will it demand at a wage rate of $63? (a) 15 (b) 20 (c) 40 (d) 60 Ⓒ (e) 100

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Fig. A
250
Fig. C
200
$
(c) 40
O (d) 60
150
100
(e) 100
50
0
250
$
200
150
0
100
50
CO
0
0
VMP=MRP
LS=MFC
10
MRP
LS-MFC
10
20 30 40
VMP
20 30
40
50
50
L
Fig. B
Fig. D
250
200
150
100
50
0
250
200
150
100
50
0
$
0
$
0
10
VMP=MRP
MRP
10
20
VMP
20
30 40
44. If the firm is facing pure competition both when it buys labor and when it sells its product, what quantity of labor will it demand at a wage rate of $63?
(a) 15
(b) 20
30
40
LS
50
LS
50
MFC
MFC
Transcribed Image Text:Fig. A 250 Fig. C 200 $ (c) 40 O (d) 60 150 100 (e) 100 50 0 250 $ 200 150 0 100 50 CO 0 0 VMP=MRP LS=MFC 10 MRP LS-MFC 10 20 30 40 VMP 20 30 40 50 50 L Fig. B Fig. D 250 200 150 100 50 0 250 200 150 100 50 0 $ 0 $ 0 10 VMP=MRP MRP 10 20 VMP 20 30 40 44. If the firm is facing pure competition both when it buys labor and when it sells its product, what quantity of labor will it demand at a wage rate of $63? (a) 15 (b) 20 30 40 LS 50 LS 50 MFC MFC
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