Complete the following labor supply table for a firm hiring labor competitively: Show graphically the labor supply and marginal resource (labor) cost curves for this firm. Explain the relationship of these curves to one another. Units ofWage Total Labor Marginal ResourceLaborRateCost(Labor) Cost$14$141431414514614%244. On the following page, complete the labor demand table fora firm that is hiring labor competitively and selling its prod-uct in a purely competitive market. LOIa. How many workers will the firm hire if the market wagerate is $11.95? $19.95? Explain why the firm will not hirea larger or smaller number of units of labor at each ofthese wage rates.b. Show in schedule form and graphically the labor demandcurve of this firm.MarginalUnits ofTotalMarginalProductTotalRevenueLaborProductProductPriceRevenueProduct0$2$172312343453256026652| |||

The labor supply curve represents the units of workers who are willing and able to work at different…

Answered: Units of Wage Total Labor Marginal…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Complete the following labor supply table for a firm hiring labor competitively: Show graphically the labor supply and marginal resource (labor) cost curves for this firm. Explain the relationship of these curves to one another.

Units of
Wage Total Labor Marginal Resource
Labor
Rate
Cost
(Labor) Cost
$14
$
14
14
3
14
14
5
14
6
14
%24
4.

On the following page, complete the labor demand table for
a firm that is hiring labor competitively and selling its prod-
uct in a purely competitive market. LOI
a. How many workers will the firm hire if the market wage
rate is $11.95? $19.95? Explain why the firm will not hire
a larger or smaller number of units of labor at each of
these wage rates.
b. Show in schedule form and graphically the labor demand
curve of this firm.
Marginal
Units of
Total
Marginal
Product
Total
Revenue
Labor
Product
Product
Price
Revenue
Product
0
$2
$
17
2
31
2
3
43
4
53
2
5
60
2
6
65
2
| |||

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