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 producea 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 perhour with MRP and MRC on the vertical and FPs on the horizontal axis. How many laborers (FPS) wouldbe 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?P4st4Q071318TR02888MR4MP17MRP24FP (L)01243

Marginal revenue measures the change in total revenue due to a change in quantity. Formula: MR =…

Answered: This table provides some information…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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?
c. If the employer had to increase the hourly rate by $5.00, how many laborers (FPS) would be employed?
Why?
P
4
st
4
Q
0
7
13
18
TR
0
28
88
MR
4
MP
1
7
MRP
24
FP (L)
0
1
2
4
3

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