This table provides some information about hourly output and revenue for a firm in a competitive market. Each factor of production (L) in the table represents one worker. For example, a total of 3 workers produce a total of 18 units per hour. Using the data provided: a . Complete the table. b . Using the data from the table construct the MRP and the MRC curves at an MRC (wage) of $20.00 per hour with MRP and MRC on the vertical and FPS on the horizontal axis.How many laborers (FPs) would be employed at $ 20.00 per hour? Why? c.If the employer had to increase the hourly rate by $5.00 , how many laborers (FPs) would be employed ?
This table provides some information about hourly output and revenue for a firm in a competitive market. Each factor of production (L) in the table represents one worker. For example, a total of 3 workers produce a total of 18 units per hour. Using the data provided: a . Complete the table. b . Using the data from the table construct the MRP and the MRC curves at an MRC (wage) of $20.00 per hour with MRP and MRC on the vertical and FPS on the horizontal axis.How many laborers (FPs) would be employed at $ 20.00 per hour? Why? c.If the employer had to increase the hourly rate by $5.00 , how many laborers (FPs) would be employed ?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
This table provides some information about hourly output and revenue for a firm in a competitive market. Each factor of production (L) in the table represents one worker. For example, a total of 3 workers produce a total of 18 units per hour. Using the data provided:
a . Complete the table.
b . Using the data from the table construct the MRP and the MRC curves at an MRC (wage) of $20.00 per hour with MRP and MRC on the vertical and FPS on the horizontal axis.How many laborers (FPs) would be employed at $ 20.00 per hour? Why?
c.If the employer had to increase the hourly rate by $5.00 , how many laborers (FPs) would be employed ? Why?
![3. This table provides some information about hourly output and revenue for a firm in a competitive market.
Each factor of production (L) in the table represents one worker. For example, a total of 3 workers produce
a total of 18 units per hour. Using the data provided:
a. Complete the table.
b. Using the data from the table construct the MRP and the MRC curves at an MRC (wage) of $20.00 per
hour with MRP and MRC on the vertical and FPs on the horizontal axis. How many laborers (FPs) would
be employed at $20.00 per hour? Why?
I
F5
6
c. If the employer had to increase the hourly rate by $5.00, how many laborers (FPS) would be employed?
Why?
Y
H
N
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9
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{
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=
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Transcribed Image Text:3. This table provides some information about hourly output and revenue for a firm in a competitive market.
Each factor of production (L) in the table represents one worker. For example, a total of 3 workers produce
a total of 18 units per hour. Using the data provided:
a. Complete the table.
b. Using the data from the table construct the MRP and the MRC curves at an MRC (wage) of $20.00 per
hour with MRP and MRC on the vertical and FPs on the horizontal axis. How many laborers (FPs) would
be employed at $20.00 per hour? Why?
I
F5
6
c. If the employer had to increase the hourly rate by $5.00, how many laborers (FPS) would be employed?
Why?
Y
H
N
tv
F6
P
4
7
of A
4
U
J
MacBook Air
Q
8
F7
M
0
7
13
18
*
8
1
TR
K
0
28
88
F8
66
(
9
V
MR
-
4
4 O
O
DD
F9
L
)
O
MP
>
7
A
P
O
4
F10
...
MRP
24
{
[
?
F11
FP (L)
0
+ 11
=
11
1
2
3
4
»)
F12
}
]
delete
return
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