In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $6. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Marginal Revenue Marginal Resource Units of Marginal Product Labor Total Product Wage Rate Total Labor Cost Product (Labor) Cost 10 400 $9 $90 11 416 16 192 12 132 42 12 430 14 210 15 180 48 13 442 12 216 18 234 54 14 452 10 210 21 294 60 15 460 8 192 24 360 66 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ Equilibrium level of employment workers

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Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.