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Use the following data to answer the problems below. Assume a perfectly competitive product market.

Units of Labor Units of Output
0 0
1 8
2 12
3 17
4 21
5 23

a. find out the marginal revenue product at each level of labor input if output sells for $4 per unit.

b. If the wage rate is $15 per hour, how much labor will be hired?

c. What is the firm's total revenue and total amount paid for labor at the level of labor input you determined in (b)?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942716

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