The following shows a perfectly competitive baseball producer's value ofmarginal product. If the firm decides to hire 3 workers, what must be thewage rate? Assume that the labor market is perfectly competitive. Eachbaseball is sold for $3.00.Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.aQ11Homework Antwered Due Today, 11:59 PMbCThe market wage is $80.00.The market wage is $240.00The market wage is $720.00.None of the above.Le30032020034020014012010402THP$O

The value of the marginal product of labor (VMPL) measures the value generated by each additional…

The following shows a perfectly competitive baseball producer's value of marginal product. If the firm decides to hire 3 workers, what must be the wage rate? Assume that the labor market is perfectly competitive. Each baseball is sold for $3.00.

The following shows a perfectly competitive baseball producer's value of marginal product. If the firm decides to hire 3 workers, what must be the wage rate? Assume that the labor market is perfectly competitive. Each baseball is sold for $3.00.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.

Question

The following shows a perfectly competitive baseball producer's value of
marginal product. If the firm decides to hire 3 workers, what must be the
wage rate? Assume that the labor market is perfectly competitive. Each
baseball is sold for $3.00.
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.
a
Q11
Homework Antwered Due Today, 11:59 PM
b
C
The market wage is $80.00.
The market wage is $240.00
The market wage is $720.00.
None of the above.
Le
300
320
200
340
200
140
120
10
40
2
THP
$
O

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