A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage (marginal resource cost) of $330 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labour (MRP) at each quantity of workers. Labour Output Marginal Product of Labour Marginal Revenue Product of Labour (Number of workers) (Units of output) (Units of output) (Dollars) 20 1 20 19 39 18 3 57 15 4 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm's labour demand curve. Then, use the orange line (square symbol) to show the wage rate. Line segments will automatically connect the points. Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. 400 360 Demand 320 280 240 Wage Rate (or Market Resource Cost) 200 180 120 80 WAGE (Dollars per worker)

A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage (marginal resource cost) of $330 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labour (MRP) at each quantity of workers. Labour Output Marginal Product of Labour Marginal Revenue Product of Labour (Number of workers) (Units of output) (Units of output) (Dollars) 20 1 20 19 39 18 3 57 15 4 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm's labour demand curve. Then, use the orange line (square symbol) to show the wage rate. Line segments will automatically connect the points. Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. 400 360 Demand 320 280 240 Wage Rate (or Market Resource Cost) 200 180 120 80 WAGE (Dollars per worker)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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