If the equilibrium price per unit of output dencreases, what would you expect to happen to the number of workers hired? 4 If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur declines by $0.10 per unit as more as sold, what do you think would happen to the number of labor units hired at $30.00 per unit?

Principles of Microeconomics (MindTap Course List)
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Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
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Complete the worksheet and Please answer only question 4 and 5 sub parts 

thank you. 

Demand for Resources
A small manufacturing company has the following daily relationship between labor and output:
Units of
Total
Labor
Product
1
9
2
21
35
4
52
61
65
7
61
1
If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit,
compute the following:
Marginal
Units of
Marginal
Revenue
Labor
Product
Product
1
2
3
4
7
How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? WF
How many workers will the firm hire is the market wage rate(includining benefits) is $20.00?
4
If the equilibrium price per unit of output dencreases, what would you expect
to happen to the number of workers hired?
If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur
declines by $0.10 per unit as more as sold,
what do you think would happen to the number of labor units hired at $30.00 per unit?
5
2.
Transcribed Image Text:Demand for Resources A small manufacturing company has the following daily relationship between labor and output: Units of Total Labor Product 1 9 2 21 35 4 52 61 65 7 61 1 If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit, compute the following: Marginal Units of Marginal Revenue Labor Product Product 1 2 3 4 7 How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? WF How many workers will the firm hire is the market wage rate(includining benefits) is $20.00? 4 If the equilibrium price per unit of output dencreases, what would you expect to happen to the number of workers hired? If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur declines by $0.10 per unit as more as sold, what do you think would happen to the number of labor units hired at $30.00 per unit? 5 2.
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