This is a monopoly in the product market. Use the numbers given for labor input, TPP and P to answer various questions. You should do these questions using a scrap paper and then fill in the blanks, as many answers may depend on other answers. Labor Input TPP = Q P MPP Revenue MRP MR 10 100 50 n.a. 5000 n.a. 11 109 49 12 116 48 13 121 47 14 124 46 15 125 45 For this question, find MRP starting with labor input = 11. Write the integer numbers with no decimal place.

This is a monopoly in the product market. Use the numbers given for labor input, TPP and P to answer various questions. You should do these questions using a scrap paper and then fill in the blanks, as many answers may depend on other answers. Labor Input TPP = Q P MPP Revenue MRP MR 10 100 50 n.a. 5000 n.a. 11 109 49 12 116 48 13 121 47 14 124 46 15 125 45 For this question, find MRP starting with labor input = 11. Write the integer numbers with no decimal place.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.5P

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