question archive Fill out the rest of the table from the given information

Fill out the rest of the table from the given information

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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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