Complete the worksheet and Please answer only question 4 and 5 sub parts thank you. Demand for ResourcesA small manufacturing company has the following daily relationship between labor and output:Units ofTotalLaborProduct192213545261657611If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit,compute the following:MarginalUnits ofMarginalRevenueLaborProductProduct12347How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? WFHow many workers will the firm hire is the market wage rate(includining benefits) is $20.00?4If the equilibrium price per unit of output dencreases, what would you expectto happen to the number of workers hired?If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per urdeclines by $0.10 per unit as more as sold,what do you think would happen to the number of labor units hired at $30.00 per unit?52.

Answered: If the equilibrium price per unit of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Complete the worksheet and Please answer only question 4 and 5 sub parts

thank you.

Demand for Resources
A small manufacturing company has the following daily relationship between labor and output:
Units of
Total
Labor
Product
1
9
2
21
35
4
52
61
65
7
61
1
If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit,
compute the following:
Marginal
Units of
Marginal
Revenue
Labor
Product
Product
1
2
3
4
7
How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? WF
How many workers will the firm hire is the market wage rate(includining benefits) is $20.00?
4
If the equilibrium price per unit of output dencreases, what would you expect
to happen to the number of workers hired?
If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur
declines by $0.10 per unit as more as sold,
what do you think would happen to the number of labor units hired at $30.00 per unit?
5
2.

Expert Solution

Step 1

Imperfect competition refers to a scenario in which the features of an economic market do not meet all of the requirements of a fully competitive market, resulting in market failure.

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