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Labor 1 2 3 4 5 TP (or q) 5 22 APL 6 5 The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $30 per unit. In the short run it will hire A. 0 units of labor (shut down) B. 2 units of labor C. 3 units of labor D. 4 units of labor E. 5 units of labor The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $70 per unit. Its fixed costs are $100. In the short run, the firm makes a profit of A. -$100 B. $500 C. $530 D. $600 E. $700 MPL 6

Labor 1 2 3 4 5 TP (or q) 5 22 APL 6 5 The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $30 per unit. In the short run it will hire A. 0 units of labor (shut down) B. 2 units of labor C. 3 units of labor D. 4 units of labor E. 5 units of labor The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $70 per unit. Its fixed costs are $100. In the short run, the firm makes a profit of A. -$100 B. $500 C. $530 D. $600 E. $700 MPL 6

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 2CQQ
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Labor 1 2 3 4 5 TP (or q) 5 22 APL 6 5 The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $30 per unit. In the short run it will hire A. 0 units of labor (shut down) B. 2 units of labor C. 3 units of labor D. 4 units of labor E. 5 units of labor The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $70 per unit. Its fixed costs are $100. In the short run, the firm makes a profit of A. -$100 B. $500 C. $530 D. $600 E. $700 MPL 6
Transcribed Image Text:Labor 1 2 3 4 5 TP (or q) 5 22 APL 6 5 The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $30 per unit. In the short run it will hire A. 0 units of labor (shut down) B. 2 units of labor C. 3 units of labor D. 4 units of labor E. 5 units of labor The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $70 per unit. Its fixed costs are $100. In the short run, the firm makes a profit of A. -$100 B. $500 C. $530 D. $600 E. $700 MPL 6
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