Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market.Instructions: Enter your answers as a whole number.Units ofLaborMarginalRevenueTotalProductMarginalProductTotalProductPriceRevenueProduct$2117223123432453256026652a. How many workers will the firm hire if the market wage rate is $27.95?worker(s)How many workers will the firm hire if the market wage rate is $19.95?worker(s)b. Show this firm's labor demand curve graphically.Instructions: Use the tool provided 'Demand' to plot the labor demand curve point by point (plot 6 points total).35Tools30Demand252015(1, 16)10134Quantity of labor demandedWage rate c. Now determine the firm's demand curve for labor, assuming that it is selling in an imperfectly competitive market and that, althoughit 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 successivelabor unit.Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimalplaces.Imperfectly Competitive MarketMarginalRevenueUnits ofTotalMarginalProductProductTotalLaborProductPriceRevenueProduct117231343453606.65LO

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Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. Instructions: Enter your answers as a whole number. Marginal Revenue Units of Total Marginal Product Product Total Labor Product Price Revenue Product $2 17 31 3 43 4 53 60 65 a. How many workers will the firm hire if the market wage rate is $27.95? |worker(s) How many workers will the firm hire if the market wage 'rate is $19.95? worker(s) 56

Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. Instructions: Enter your answers as a whole number. Marginal Revenue Units of Total Marginal Product Product Total Labor Product Price Revenue Product $2 17 31 3 43 4 53 60 65 a. How many workers will the firm hire if the market wage rate is $27.95? |worker(s) How many workers will the firm hire if the market wage 'rate is $19.95? worker(s) 56

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the following table Labor Output Price 0 0 1 16 $7 2 31 $7 3 45 $7 4 58 $7 5 69 $7 6 78 $7 Assume that the labor market is perfectly competitive. Suppose the price of the good is $7. If the wage rate is $65, the firm will achieve maximum profit by hiring ________ workers. Choose correct answer: a. 5 b. 6 c. 4 d. 3
Fill in the blanks: Workers Employed 0 1 2 3 4 Quantity Produced 0 15 25 33 39 Output Price ($) 10 10 10 10 10 Refer to the above table for a profit-maximizing, competitive firm. If the prevailing wage is $100, then the firm will hire worker(s).
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Read the "Clear it Up: Do Profit Maximizing Employers Exploit Labor" Do Profit Maximizing Employers Exploit Labor? (Source: OER) If you look back at the labor dynamics of supply and demand, you will see that only the firm pays the last worker it hires what they’re worth to the firm. Every other worker brings in more revenue than the firm pays him or her. This has sometimes led to the claim that employers exploit workers because they do not pay workers what they are worth. Let’s think about this claim. The first worker is worth $x to the firm, and the second worker is worth $y, but why are they worth that much? It is because of the capital and technology with which they work. The difference between workers’ worth and their compensation goes to pay for the capital, technology, without which the workers wouldn’t have a job. The difference also goes to the employer’s profit, without which the firm would close and workers wouldn’t have a job. The firm may be earning excessive profits,…
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Show in schedule form and graphically the labor demand curve of this firm.
How many employees should Martin's farm employ? How many employees should Martin's farm employ if the price he received per gallon of milk rose to $2.50?
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