Use the following data to answer the questions below. Assume a perfectly competitive product market.

Use the following data to answer the questions below. Assume a perfectly competitive product market.

Units of Labor      Units of Output

0                                   0

1                                   8

2                                12

3                                17

4                                21

5                                23

Calculate the total revenue product and marginal revenue product at each level of labor input if output sells for $4 per unit.

If the wage rate is $15 per hour, how many units of labor will be hired?

 

 

answer:

Add Comment
0 Answer(s)
  • Votes
  • Oldest

Your Answer

By posting your answer, you agree to the privacy policy and terms of service.