Please help me with the answers not filled in or the answers that are incorrect. Thanks! :) Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market.Instructions: Enter your answers as a whole number.MarginalRevenueProductUnits ofTotalMarginalProductTotalRevenueLaborProductProductPrice$217 O14 O12 O10 O34 Os3428 O24 O11722312IS62 Os34386 Os453IS106 O s20 OIS120 O14 O10 O5602IS665130 Osa. How many workers will the firm hire if the market wage rate is $27.95?2 O worker(s)How many workers will the firm hire if the market wage rate is $19.95?4 O worker(s)b. Show this firm's labor demand curve graphically.Instructions: Use the tool provided 'Demand' to plot the labor demand curve point by point (plot 6 points total).Your Graph Score: 100%3530Demand25* 2015DL104 5 61237Quantity of labor demandedc. Now determine the firm's demand curve for labor, assuming that it is selling in an imperfectly competitive market and that, althoughit can sell 17 units at $2.20 per unit, it must lower product price by 5 cents in order to sell the marginal product of each successivelabor unit.Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimalplaces.Imperfectly Competitive MarketUnits ofLaborMarginalRevenueProductTotalMarginalProductProductTotalProductPriceRevenue0.00 O34.40 8 s$11717 Os2.20 OsIS34.40 X3114 Os2.15 O s66.65 OIS32.25 X34312 Os2.10 O S2$90.30 O23.65 O45310 O sIS2.05 O$ 108.65IS18.35 O6072.00 O $ 120.00 O s11.35 O6.65IS1.95$ 126.75O6.75Wage rateTololoools After a campus pub increases its output from 3 kegs of beer per day to 11 kegs of beer per day, its total resource cost increases from$135 per day to $550 per day.Instructions: Enter your answers rounded to two decimal places.a. What is the marginal resource cost per day of the additional kegs?b. Assuming the pub is using its resources in a profit-maximizing way, what is the marginal revenue product per day of the additionalkegs?%24

PLEASE NOTE AS YOU ALREADY SOLVER PART A AND B AND I JUMPING DIRECTLY TO C- Units of…

Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimal places. Imperfectly Competitive Market Marginal Revenue Product Marginal Product Product Units of Total Total Labor Product Price Revenue IS 0.00 17 17 Os 2.20 IS 34.40 8s 34.40 X 31 14 IS 2.15 Is 66.65 32.25 X 43 12 IS 2.10 90.30 IS 23.65 4 53 10 2.05 $ 108.65 IS 18.35 60 2.00 $ 120.00 IS 11.35 65 5 IS 1.95 $ 126.75 IS 6.75 23

Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimal places. Imperfectly Competitive Market Marginal Revenue Product Marginal Product Product Units of Total Total Labor Product Price Revenue IS 0.00 17 17 Os 2.20 IS 34.40 8s 34.40 X 31 14 IS 2.15 Is 66.65 32.25 X 43 12 IS 2.10 90.30 IS 23.65 4 53 10 2.05 $ 108.65 IS 18.35 60 2.00 $ 120.00 IS 11.35 65 5 IS 1.95 $ 126.75 IS 6.75 23

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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