c. Now determine the firm's demand curve for labor, assuming that it is selling in an Imperfectly competitive market and that, although It can sell 17 units at $2.20 per unit, it must lower product price by 5 cents in order to sell the marginal product of each successive labor unit. Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimal places. Imperfectly Competitive Market Units of Labor Total Product Marginal Product Marginal Total Revenue Product Price Revenue Product 0 0 $ 0.00 1 17 17 $ 2.20 2 31 14 S 2.15 3 43 12 $ 2.10 4 53 10 $ 2.50 5 60 S 2.00 6 65 5 $ 1.95

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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c. Now determine the firm's demand curve for labor, assuming that it is selling in an Imperfectly competitive market and that, although
It can sell 17 units at $2.20 per unit, it must lower product price by 5 cents in order to sell the marginal product of each successive
labor unit.
Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimal
places.
Imperfectly Competitive Market
Units of
Labor
Total
Product
Marginal Product
Marginal
Total
Revenue
Product
Price
Revenue
Product
0
0
$
0.00
1
17
17 $
2.20
2
31
14 S
2.15
3
43
12 $
2.10
4
53
10
$
2.50
5
60
S
2.00
6
65
5 $
1.95
Transcribed Image Text:c. Now determine the firm's demand curve for labor, assuming that it is selling in an Imperfectly competitive market and that, although It can sell 17 units at $2.20 per unit, it must lower product price by 5 cents in order to sell the marginal product of each successive labor unit. Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimal places. Imperfectly Competitive Market Units of Labor Total Product Marginal Product Marginal Total Revenue Product Price Revenue Product 0 0 $ 0.00 1 17 17 $ 2.20 2 31 14 S 2.15 3 43 12 $ 2.10 4 53 10 $ 2.50 5 60 S 2.00 6 65 5 $ 1.95
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