Economics (MindTap Course List)
Economics (MindTap Course List)
Determine the appropriate numbers for the lettered spaces:
Identify the values of wage rates, total labor cost (TLC), and marginal factor cost (MFC).
Total labor cost can be calculated using the formula given below:
Marginal factor cost can be calculated using the formula given below:
Since the wage rate paid for 3 workers is $12.20 and the wage rate paid for 2 workers is $12.10, the difference between wage rates is $0.10 (12.20-12.10), when an additional labor is hired. Thus, the wage rate at point A can be calculated as follows:
Thus, at point A, the wage rate is $12.
The wage rate at point B can be calculated as follows:
Chapter 27 Solutions
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