1
answer
0
watching
324
views
13 Jan 2019
Question 1
The following table is a record of the data of a competitive firm on labour and output:
Unit of labour Total product Marginal product of labour (MPL) Value of marginal product of labour (VMPL) 0 0 1 10 2 22 3 32 4 39 5 42 6 41
Suppose the product price is $5 and the market wage per unit of labour is $35.
a Reproduce the above table on your answer sheet and complete the table.
b How many units of labour should be employed to maximise profit? Briefly explain your answer.
Question 1
The following table is a record of the data of a competitive firm on labour and output:
Unit of labour | Total product | Marginal product of labour (MPL) | Value of marginal product of labour (VMPL) |
0 | 0 | ||
1 | 10 | ||
2 | 22 | ||
3 | 32 | ||
4 | 39 | ||
5 | 42 | ||
6 | 41 | ||
Suppose the product price is $5 and the market wage per unit of labour is $35.
a Reproduce the above table on your answer sheet and complete the table.
b How many units of labour should be employed to maximise profit? Briefly explain your answer.
1
answer
0
watching
324
views
For unlimited access to Homework Help, a Homework+ subscription is required.
Jamar FerryLv2
14 Jan 2019