2012019239183571547212584On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to showthe wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two endpoints individually.)Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginalrevenue product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1.WAGE RATE (Dollars per day)4003603202802402001601208040001234QUANTITY OF LABOR (Workers per day)The profit-maximizing quantity of labor at the market wage isDemandMarket Wage Rate A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day foreach worker it hires.In the following table, complete the column for the marginal revenue product of labor (MRP) at each quantity of workers.Labor Input(Number of workers)Total Output(Units of output)Marginal Product(Units of output) (Dollars)Marginal Revenue Product0N2012019239183571547212584On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to showthe wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two endpoints individually.)Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginalrevenue product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1.WAGE RATE (Dollars per day)400300320280240200160120Demand点Market Wage Rate

Here we have to calculate the profit-maximizing quantity of labor at the market wage. The amount of…

(Number of workers) (Units of output) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 4 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. WAGE RATE (Dollars per day) 400 300 320 Demand 280 240 Market Wage Rate 200 100 120 ?

(Number of workers) (Units of output) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 4 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. WAGE RATE (Dollars per day) 400 300 320 Demand 280 240 Market Wage Rate 200 100 120 ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Subpart 1-3
12
please computation for the following production function. found in table 13 show computation for each row.
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