12. Use the data in the tables to answer the question that follows. Market Price of Output Quantity Supplied of Output Quantity Demanded of Output $5 25,000 60,000 $10 50,000 50,000 $15 75,000 40,000 $20 100,000 30,000 $25 125,000 20,000 Firm Quantity of Labor Total Product 0 0 15 105 30 190 45 265 60 325 What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? A-$30 B-$50 C-$63 D-$100 E-$2,650
12. Use the data in the tables to answer the question that follows. Market Price of Output Quantity Supplied of Output Quantity Demanded of Output $5 25,000 60,000 $10 50,000 50,000 $15 75,000 40,000 $20 100,000 30,000 $25 125,000 20,000 Firm Quantity of Labor Total Product 0 0 15 105 30 190 45 265 60 325 What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? A-$30 B-$50 C-$63 D-$100 E-$2,650
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter14: Labor Markets And Income
Section: Chapter Questions
Problem 2SCQ: Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a...
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12.
Use the data in the tables to answer the question that follows.
What is the marginal revenue product of the 45th unit of labor, assuming this market isperfectly competitive in both the factor and output markets?
Market | ||
---|---|---|
Price of Output | Quantity Supplied of Output | Quantity Demanded of Output |
$5 | 25,000 | 60,000 |
$10 | 50,000 | 50,000 |
$15 | 75,000 | 40,000 |
$20 | 100,000 | 30,000 |
$25 | 125,000 | 20,000 |
Firm | |
---|---|
Quantity of Labor | Total Product |
0 | 0 |
15 | 105 |
30 | 190 |
45 | 265 |
60 | 325 |
What is the marginal revenue product of the 45th unit of labor, assuming this market is
A-$30
|
B-$50
|
C-$63
|
D-$100
|
E-$2,650
|
5.
If the demand for product Y increases significantly, then
If the demand for product Y increases significantly, then
A-the demand for the labor used to make Y decreases
|
B-the quantity of labor supplied to produce Y will decrease
|
C-the supply of labor to produce Y will increase
|
D-only the quantity demanded of labor increases
|
E-the demand for the labor used to make Y increases
|
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