question archive Fill out the rest of the table from the given information
Subject:EconomicsPrice:3.88 Bought11
Fill out the rest of the table from the given information. Recall that MP = Marginal Product, MRP = Marginal Revenue Product, and TR = Total Revenue.
Labor | Output | MP | MRP | TR |
---|---|---|---|---|
0 | 0 | 0 | 0 | 0 |
1 | 80 | 80 | 320 | 320 |
2 | 140 | 60 | 240 | 560 |
3 | 185 | 45 | 180 | 740 |
4 | 220 | 35 | 140 | 880 |
5 | 250 | 30 | 120 | 1,000 |
6 | 260 | 10 | 40 | 1,040 |
Having filled out the above table, we now consider the number of workers that will be hired by the profit-maximizing firm. In the table below, fill in Quantity of Labor demanded column. In other words, we are asking the following: How many workers will the firm hire at each wage rate?
Wage | Quantity of labor demanded |
---|---|
50 | |
130 | |
150 | |
200 | |
250 | |
300 | |
350 |
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