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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a monopoly’s marginal revenue.

Chapter 14, Problem 2SCQ, Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a , example  1

a. What is the monopoly’s marginal revenue product at each level of employment?

b. If the monopoly operates in a perfectly competitive labor market where the going market wage is Chapter 14, Problem 2SCQ, Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a , example  2 what is the film’s profit maximizing level of employment?

a)

To determine

The marginal revenue product of monopoly is to be determined at each level of employment.

Explanation
    LaborMarginal product or labor (MPL)Price/MR (as per question)Marginal revenue of labor (MRPL= MR X MPL)
    110$10100
    28$7

b)

To determine

The firm’s profit maximizing level of employment is to be determined.

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