Complete the following labor supply table for a firm hiring labor competitively:Total Labor Cost Marginal Resource(Labor) CostMarginalRevenue ProductUnits of LaborWage Rate$1414$382142831424414205141461410a. Show graphically this firm's labor supply and marginal resource (labor) cost curves.Instructions: (1) Use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 polnts total). (2) Use the tool provided'MRP' to draw the marginal revenue product curve (plot 6 polnts total). To earn full credit for this graph, you must plot all requiredpolnts for each curve.ТoolsMRCMRP1.34567Quantity of laborWage rate (dollars) Instructions: Enter your answers as a whole number.Are the curves the same or different? If they are different, which one is higher?O They are different; the marginal resource (labor) cost curve is higher.O They are the same.O They are different; the labor supply curve is higher.b. What is the equilibrlum wage rate?$What Is the equllibrlum level of employment?unit(s) of labor

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Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost Marginal Resource (Labor) Cost Marginal Revenue Product Units of Labor Wage Rate $14 1 14 $38 14 28 3 14 24 4 14 20 5 14 14 6. 14 10

Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost Marginal Resource (Labor) Cost Marginal Revenue Product Units of Labor Wage Rate $14 1 14 $38 14 28 3 14 24 4 14 20 5 14 14 6. 14 10

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

Complete the following labor supply table for a firm hiring labor competitively:
Total Labor Cost Marginal Resource
(Labor) Cost
Marginal
Revenue Product
Units of Labor
Wage Rate
$14
14
$38
2
14
28
3
14
24
4
14
20
5
14
14
6
14
10
a. Show graphically this firm's labor supply and marginal resource (labor) cost curves.
Instructions: (1) Use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 polnts total). (2) Use the tool provided
'MRP' to draw the marginal revenue product curve (plot 6 polnts total). To earn full credit for this graph, you must plot all required
polnts for each curve.
Тools
MRC
MRP
1.
3
4
5
6
7
Quantity of labor
Wage rate (dollars)

Instructions: Enter your answers as a whole number.
Are the curves the same or different? If they are different, which one is higher?
O They are different; the marginal resource (labor) cost curve is higher.
O They are the same.
O They are different; the labor supply curve is higher.
b. What is the equilibrlum wage rate?
$
What Is the equllibrlum level of employment?
unit(s) of labor

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