E2 The first 3 columns of the following table show data for a representative firm in anindustry. The last 3 columns show the market demand and supply for the type oflabour employed by this firm.Quantityof LabourMPLProductPrice $Quantity ofWage Quantity of%$4S Labour Supplied LabourDemanded105.0010 10000850002125.0012 20000800003.105.001430000750005.00164000070000145.0018 500006500045.0020 60000600005.0022 70000550005.0024 8000050000Refer to the information above to answer this question. What is the firm's totalrevenue if the firm maximizes its profits?Select one:O A. $325.о в. $250.OC. $20.O D. $192.O E. $120.

The labor market would result in the determination of the wage and the quantity of labor in the…

Quantity of Labour MP Product Price $ Wage Quantity of $ Labour Supplied Labour Quantity of %24 Demanded 85000 10 5.00 10 10000 12 5.00 12 20000 80000 10 5.00 14 30000 75000 4 8 5.00 16 40000 70000 15 5.00 18 50000 65000 4 5.00 2060000 60000 17 5.00 22 70000 55000 5.00 24 80000 50000 Refer to the information above to answer this question. What is the firm's total revenue if the firm maximizes its profits? Select one: O A $325. O B. $250. OC $20. O D. $192. O E. $120.

Quantity of Labour MP Product Price $ Wage Quantity of $ Labour Supplied Labour Quantity of %24 Demanded 85000 10 5.00 10 10000 12 5.00 12 20000 80000 10 5.00 14 30000 75000 4 8 5.00 16 40000 70000 15 5.00 18 50000 65000 4 5.00 2060000 60000 17 5.00 22 70000 55000 5.00 24 80000 50000 Refer to the information above to answer this question. What is the firm's total revenue if the firm maximizes its profits? Select one: O A $325. O B. $250. OC $20. O D. $192. O E. $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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