Complete the following table that shows the labor demand for a firm that is hiring labor competitively and selling its product in a purely competitive market. a. How many workers will the firm hire if the market wage rate is $27.95? $19.95? Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates. b. Show in schedule form and graphically the labor demand curve of this firm. Units of Labor Total Product Marginal Product Product Price Total Revenue Marginal Reveune Product 0 0 __________ $2 $__________ $__________ 1 17 __________ $2 $__________ $__________ 2 31 __________ $2 $__________ $__________ 3 43 __________ $2 $__________ $__________ 4 53 __________ $2 $__________ $__________ 5 60 __________ $2 $__________ $__________ 6 65 __________ $2 $__________ $__________ My previous question was incomplete!
Complete the following table that shows the labor demand for a firm that is hiring labor competitively and selling its product in a purely competitive market. a. How many workers will the firm hire if the market wage rate is $27.95? $19.95? Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates. b. Show in schedule form and graphically the labor demand curve of this firm. Units of Labor Total Product Marginal Product Product Price Total Revenue Marginal Reveune Product 0 0 __________ $2 $__________ $__________ 1 17 __________ $2 $__________ $__________ 2 31 __________ $2 $__________ $__________ 3 43 __________ $2 $__________ $__________ 4 53 __________ $2 $__________ $__________ 5 60 __________ $2 $__________ $__________ 6 65 __________ $2 $__________ $__________ My previous question was incomplete!
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 table that shows the labor demand for a firm that is hiring labor competitively and selling its product in a purely competitive market.
a. How many workers will the firm hire if the market wage rate is $27.95? $19.95? Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates.
b. Show in schedule form and graphically the labor demand curve of this firm.
| Units of Labor | Total Product | Marginal Product | Product Price | Total Revenue | Marginal Reveune Product |
| 0 | 0 | __________ | $2 | $__________ | $__________ |
| 1 | 17 | __________ | $2 | $__________ | $__________ |
| 2 | 31 | __________ | $2 | $__________ | $__________ |
| 3 | 43 | __________ | $2 | $__________ | $__________ |
| 4 | 53 | __________ | $2 | $__________ | $__________ |
| 5 | 60 | __________ | $2 | $__________ | $__________ |
| 6 | 65 | __________ | $2 | $__________ | $__________ |
My previous question was incomplete!
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