Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. Instructions: Enter your answers as a whole number. Units of Labor 0 1 2 3 4 5 6 Total Product 0 17 31 43 53 60 65 Marginal Product Product Price $2 2 2 2 2 2 2 Total Revenue Marginal Revenue Product a. How many workers will the firm hire if the market wage rate is $27.95? worker(s)

Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter12: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 12CQ
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Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market.
Instructions: Enter your answers as a whole number.
Units of
Labor
0
1
2
3
4
5
6
Total
Product
0
17
31
43
53
60
65
Marginal
Product
Product
Price
$2
2
2
2
2
2
Total
Revenue
Marginal
Revenue
Product
a. How many workers will the firm hire if the market wage rate is $27.95?
worker(s)
How many workers will the firm hire if the market wage rate is $19.95?
worker(s)
Transcribed Image Text:Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. Instructions: Enter your answers as a whole number. Units of Labor 0 1 2 3 4 5 6 Total Product 0 17 31 43 53 60 65 Marginal Product Product Price $2 2 2 2 2 2 Total Revenue Marginal Revenue Product a. How many workers will the firm hire if the market wage rate is $27.95? worker(s) How many workers will the firm hire if the market wage rate is $19.95? worker(s)
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