Question 1 1 pts Use the following cost and production data of a perfectly competitive firm (in both output and to answe
Posted: Thu May 19, 2022 8:29 am
- Question 1 1 Pts Use The Following Cost And Production Data Of A Perfectly Competitive Firm In Both Output And To Answe 1 (42.58 KiB) Viewed 51 times
- Question 1 1 Pts Use The Following Cost And Production Data Of A Perfectly Competitive Firm In Both Output And To Answe 2 (28.87 KiB) Viewed 51 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. Labor Input Wage Marginal Profit Output MPP (marginal MRP Marginal Physical revenue product) of product) of Labor Labor O 0 0 600 -600 1 100 $1.000 600 2 80 $800 600 200 3 60 600 0 4 280 $400 600 5 20 600 Note: Assume that the firm is operating under perfect competition Q1: What is the market price of the final good? w $20 O $10 O $12 O $15 Question 2 1 pts If the firm hires two workers, the two workers together will produce O 180 0 200 O 100 0 280
Question 3 What is the marginal product of the fourth worker? 0 45 0 60 O 50 O 40 Question 4 What is the marginal profit of the fourth worker? 100 0 200 O 400 0-200 Question 5 What is the fourth worker's contribution to total revenue as the value of marginal product? O 300 600 O 500 0 400 Question 6 To maximize its profit, how many workers will the firm hire? 4 05 O 2 O 3