- Question 1 1 Pts Use The Following Cost And Production Data Of A Perfectly Competitive Firm In Both Output And To Ans 1 (46.2 KiB) Viewed 62 times
Question 1 1 pts Use the following cost and production data of a perfectly competitive firm (in both output and ) to answer the questions from 1 through 6. Wage Labor Input Marginal Profit Output MPP (marginal MRP Marginal Physical revenue product) of product) of Labor Labor 0 0 0 600 -600 1 100 00 600 2 80 $800 600 200 3 60 600 o 4 280 $400 600 5 20 600 Note: Assume that the form is operating under perfect competition Q1: What is the market price of the final good? $20 0 $10 O $12 O $15 Question 2 1 pts If the firm hires two workers, the two workers together will produce O 180 O 200 O 100 0 280