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A real estate brokerage firm is hired to sell condominium units of a government housing project. The government is not willing to pay a traditional commission per condominium unit sold and will only pay a flat fee of $2,000 per unit sold. The manager of the brokerage must determine how many real estate agents to hire. She estimates the following marginal product schedule for real estate agents:

1615_Calculate the marginal revenue product.png

(a) Calculate the marginal revenue product given this information.

(b) How many real estate agents will the manger hire if the wage rate is $32,000? Why?

(c) How many real estate agents will the manger hire if the wage rate is $18,000?

(d) What is the marginal revenue product of each real estate agent if the fee paid by the government increases to $3,000?

(e) If the government pays $3,000 per unit sold and the age rate is $30,000, how many real estate agents will the manager hire?

Microeconomics, Economics

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