Complete the worksheet and Please answer only question 4 and 5 sub parts thank you. Demand for ResourcesA small manufacturing company has the following daily relationship between labor and output:Units ofTotalLaborProduct192213545261657611If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit,compute the following:MarginalUnits ofMarginalRevenueLaborProductProduct12347How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? WFHow many workers will the firm hire is the market wage rate(includining benefits) is $20.00?4If the equilibrium price per unit of output dencreases, what would you expectto 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 urdeclines 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?52.

Imperfect competition refers to a scenario in which the features of an economic market do not meet…

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?

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)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 3PA

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