Please see the attached 97 The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns showthe market demand and supply for the type of labour employed by this firm.Quantity ofLabourMPL $ Product Price Wage $Quantity of Labour Quantity ofSupplied$10 10000$12 20000$1430000$1640000Labour Demanded85000800001$10$5.002$12$5.00$10$5.00750004$8$5.00700005$6$5.00$18 5000065000$5.00$5.00$5.006$4$2060000600007$2$22 70000550008$1$248000050000Refer to the information above to answer this question. What is the equilibrium wage rate if the firm maximizes itsprofits?Select one:O a. $18O b. $20O c. $5O d. $12e. Cannot be determined.3.

Marginal product of labor is the change in output resulting from employing an additional unit of…

The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns show the market demand and supply for the type of labour employed by this firm. Quantity of Labour 1 MPL $ Product Price Wage $Quantity of Labour Quantity of Supplied $1010000 $1220000 $1430000 $1640000 $18 50000 $2060000 Labour Demanded 85000 80000 75000 70000 $10 $5.00 $5.00 $12 3 4 $10 $5.00 $8 $5.00 $5.00 $6 $4 65000 60000 55000 $5.00 7 $2 $5.00 $5.00 $22 70000 $1 $2480000 50000 Refer to the information above to answer this question. What is the equilibrium wage rate if the firm maximizes its profits? Select one: O a. $18 O b. $20 O C. $5 O d. $12 e. Cannot be determined.

The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns show the market demand and supply for the type of labour employed by this firm. Quantity of Labour 1 MPL $ Product Price Wage $Quantity of Labour Quantity of Supplied $1010000 $1220000 $1430000 $1640000 $18 50000 $2060000 Labour Demanded 85000 80000 75000 70000 $10 $5.00 $5.00 $12 3 4 $10 $5.00 $8 $5.00 $5.00 $6 $4 65000 60000 55000 $5.00 7 $2 $5.00 $5.00 $22 70000 $1 $2480000 50000 Refer to the information above to answer this question. What is the equilibrium wage rate if the firm maximizes its profits? Select one: O a. $18 O b. $20 O C. $5 O d. $12 e. Cannot be determined.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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