Quantityof Workers012345TotalProductSelect one:O a. 3O b. 6C. 2O d. 40718304048MarginalPhysical ProductMarginalRevenue ProductIn the above table, if this is a perfectly competitive firm and the market price of theproduct is $5 and the marginal factor cost of labor is $60, how many units of labor willthe firm hire?

In a perfectly competitive market, there are several key features that distinguish it from other…

Answered: In the above table, if this is a…

In the above table, if this is a perfectly competitive firm and the market price of the product is $5 and the marginal factor cost of labor is $60, how many units of labor will the firm hire?

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

100%

Quantity
of Workers
0
1
2345
Total
Product
Select one:
O a. 3
O b. 6
C. 2
O d. 4
0
7
18
30
40
48
Marginal
Physical Product
Marginal
Revenue Product
In the above table, if this is a perfectly competitive firm and the market price of the
product is $5 and the marginal factor cost of labor is $60, how many units of labor will
the firm hire?

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A pizzeria, which operates in a perfectly competitive hospitality market, can produce pizzas if it has its premises and a pizza oven (which cost £10 per night), ingredients (£3 per pizza), and workers (each of whom earn £40 per night). The number of pizzas that can be produced per night, depending on the number of workers employed by the pizzeria, is given in the following table: Workers employed 1 2 3 4 Pizzas per night 20 36 48 56 60 HINT: In the following, you willI be asked to draw curves in diagrams based on the above table. In each diagram, please proceed as follows: First, place a dot in the diagram, each representing a column in the table. Second, label each dot with its coordinates. Third, connect dots with straight lines to obtain the required curve. d) Explain how the firm can use this cost function to determine its profit maximising quantity. (Ctrl) e) Determine the firm's profit maximising quantity if the market price is £6, showing how you applied the method that you…
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For a firm selling goods in a perfectly competitive market, the price of their output is A. equal to the marginal revenue product of labour B. equal to the marginal revenue product of capital C. equal to the marginal revenue associated with an additional unit of output D. equal to the marginal product of labour
Please help with the following.
Lesson 8 - Costs Question 6
Mainly concerned with how to answer part b.