no handwritten notes A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage (marginal resourcecost) of $270 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.LabourOutputMarginal Product of Labour(Number of workers) (Units of output) (Units of output)Marginal Revenue Product of Labour(Dollars)012345020395772842019181512On 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 showthe wage rate. Line segments will automatically connect the points. 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 showthe 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 marginalrevenue product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1.?WAGE (Dollars per worker)400380320280240200160120804000123LABOUR (Number of workers)The profit-maximizing quantity of labour at the market wage is5DemandWage Rate (or Market Resource Cost)

The labor, output and marginal product of labor is represented in the given table.Labor…

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 $270 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 (Dollars) (Number of workers) (Units of output) (Units of output) 0 1 2 3 4 5 0 20 39 57 72 84 AAAAA 20 19 18 15 12 3000 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.

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 $270 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 (Dollars) (Number of workers) (Units of output) (Units of output) 0 1 2 3 4 5 0 20 39 57 72 84 AAAAA 20 19 18 15 12 3000 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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

no handwritten notes

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 $270 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
(Number of workers) (Units of output) (Units of output)
Marginal Revenue Product of Labour
(Dollars)
0
1
2
3
4
5
0
20
39
57
72
84
20
19
18
15
12
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.

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.
?
WAGE (Dollars per worker)
400
380
320
280
240
200
160
120
80
40
0
0
1
2
3
LABOUR (Number of workers)
The profit-maximizing quantity of labour at the market wage is
5
Demand
Wage Rate (or Market Resource Cost)

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