run, a tool manufacturer nas a fixed amount oT capital. Labor is a varlable input. The cost and output structure that the Tirm faces is shown in the table below. Assume the product price is $2. 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 Product Marginal Revenue Marginal Resource Units of Total Labor Total Product Wage Rate Labor Cost Product (Labor) Cost 10 200 - $11 $110 11 220 20 12 132 12 238 18 13 156 13 254 16 14 182 14 268 14 15 210 15 280 12 16 240 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ | Equilibrium level of employment = workers

run, a tool manufacturer nas a fixed amount oT capital. Labor is a varlable input. The cost and output structure that the Tirm faces is shown in the table below. Assume the product price is $2. 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 Product Marginal Revenue Marginal Resource Units of Total Labor Total Product Wage Rate Labor Cost Product (Labor) Cost 10 200 - $11 $110 11 220 20 12 132 12 238 18 13 156 13 254 16 14 182 14 268 14 15 210 15 280 12 16 240 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ | Equilibrium level of employment = workers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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