give me acorrect answer with calculation and full explanationNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. Connect Problem CP 17-07 (algo)In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and outputstructure 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 laborsupply table.Instructions:Enter your answers as a whole number.Units ofLabor101112131415Total Product400416430442452460MarginalProduct161412108MarginalRevenueProductWage Rateworkers$91215182124b. What are the equilibrium wage rate and level of employment?Equilibrium wage rate = $Equilibrium level of employment:Total LaborCost$90132180234294360MarginalResource(Labor) Cost

Production function:Production is a function of land labor capital and entrepreneurship. It includes…

Answered: In the short run, a tool manufacturer…

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 1E

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give me acorrect answer with calculation and full explanation

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

Connect Problem CP 17-07 (algo)
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.
Units of
Labor
10
11
12
13
14
15
Total Product
400
416
430
442
452
460
Marginal
Product
16
14
12
10
8
Marginal
Revenue
Product
Wage Rate
workers
$9
12
15
18
21
24
b. What are the equilibrium wage rate and level of employment?
Equilibrium wage rate = $
Equilibrium level of employment:
Total Labor
Cost
$90
132
180
234
294
360
Marginal
Resource
(Labor) Cost

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