Units of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21 3 5 23 2 If the firm’s product sells for a constant $3, per unit and the price of the resource is a constant $15, the firm will employ how many units of the resource?

Units of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21 3 5 23 2 If the firm’s product sells for a constant $3, per unit and the price of the resource is a constant $15, the firm will employ how many units of the resource?

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter19: Labor And Entrepreneurship: The Human Inputs

Section: Chapter Questions

Problem 6TY

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Question

Units of resource	Total Product	Marginal Product
0	0	-----
1	8	8
2	14	6
3	18	4
4	21	3
5	23	2

If the firm’s product sells for a constant $3, per unit and the price of the resource is a constant $15, the firm will employ how many units of the resource?

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