On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. SALARY (Thousands of dollars) 1000 900 800 700 600 500 400 300 200 100 MRP 0 0 2 3 5 8 QUARTERBACKS Labor Supply MFC Assuming the Jaguars is a monopsony employer, the number of quarterbacks hired will be $ thousand. ? and the salary each is paid will be Assuming the labor market is competitive, the number of quarterbacks hired would be and the salary each was paid would be $ thousand. Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary information to the manager to hire quarterbacks. Salary (Thousands of dollars) Number of Quarterbacks 0 о 100 1 200 2 300 3 400 4 500 5 Total Cost of Quarterbacks (Thousands of dollars) Marginal Factor Cost (MFC) Marginal Revenue Product (MRP) (Thousands of dollars) (Thousands of dollars) 100 700 100 300 650 400 500 600 900 700 550 1,600 900 500 2,500 On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. SALARY (Thousands of dollars) 1000 900 800 700 Labor Supply 600 MFC MRP 500 400 300 200 100 ?
On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. SALARY (Thousands of dollars) 1000 900 800 700 600 500 400 300 200 100 MRP 0 0 2 3 5 8 QUARTERBACKS Labor Supply MFC Assuming the Jaguars is a monopsony employer, the number of quarterbacks hired will be $ thousand. ? and the salary each is paid will be Assuming the labor market is competitive, the number of quarterbacks hired would be and the salary each was paid would be $ thousand. Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary information to the manager to hire quarterbacks. Salary (Thousands of dollars) Number of Quarterbacks 0 о 100 1 200 2 300 3 400 4 500 5 Total Cost of Quarterbacks (Thousands of dollars) Marginal Factor Cost (MFC) Marginal Revenue Product (MRP) (Thousands of dollars) (Thousands of dollars) 100 700 100 300 650 400 500 600 900 700 550 1,600 900 500 2,500 On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. SALARY (Thousands of dollars) 1000 900 800 700 Labor Supply 600 MFC MRP 500 400 300 200 100 ?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use
green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100).
Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically.
SALARY (Thousands of dollars)
1000
900
800
700
600
500
400
300
200
100
MRP
0
0
2
3
5
8
QUARTERBACKS
Labor Supply
MFC
Assuming the Jaguars is a monopsony employer, the number of quarterbacks hired will be
$
thousand.
?
and the salary each is paid will be
Assuming the labor market is competitive, the number of quarterbacks hired would be
and the salary each was paid would be
$
thousand.
Transcribed Image Text:Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary
information to the manager to hire quarterbacks.
Salary
(Thousands of
dollars)
Number of
Quarterbacks
0
о
100 1
200
2
300
3
400
4
500
5
Total Cost of
Quarterbacks
(Thousands of
dollars)
Marginal Factor Cost
(MFC)
Marginal Revenue
Product (MRP)
(Thousands of
dollars)
(Thousands of dollars)
100
700
100
300
650
400
500
600
900
700
550
1,600
900
500
2,500
On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use
green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100).
Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically.
SALARY (Thousands of dollars)
1000
900
800
700
Labor Supply
600
MFC
MRP
500
400
300
200
100
?
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