Units of Labor Wage Rate MRP (of Labor) 1 $24 $30 2 24 28 3 4 5 24 26 24 24 24 22 efer to the given data for a purely competitive firm hiring labor in a purely competitive labor market. At the profit-maximizin mployment, this firm's total labor cost will be Multiple Choice $120. $72. $96. О $122.

What is the marginal cost of labor?

What determines the demand for labor for a firm with market power in the output market?

What is a perfectly competitive labor market?

Seved Help Save & Exit Su Total Product Unit of Labor Product Price $ 2.20 1. 15 2.0 2 28 1.80 39 1.60 4 48 1.40 55 1.20 6. 60 1.10 Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market. If the wage rate is $4.5, how many workers will the firm choose to employ? Multiple Choice Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market if the wage rate is $4.5, how many workers will the firm choose to employ? Multiple Cholce 3 O 5 2.

Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.

M10

Q65

10. Recently, some college alumni started a moving service for students living on campus. They have three employees and are debating hiring a fourth. The hourly wage for an employee is $18 per hour. An average moving job takes four hours. The company currently does three moving jobs per week, but with one more employee, the company could manage five jobs per week. The company charges $80 for a moving job. What would be the new employee’s marginal product of labor? What is the value of that marginal product? Should the moving service hire a fourth worker?

Derive labor demand curve by using market wage levels at 12$, 10$, 9$, 8$ as the market price for the product is 1$?