labor input product output 10 500 11 600 12 690 13 760 14 800 Refer to the above table, answer the following questions: A. If the price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker? B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire
labor input product output 10 500 11 600 12 690 13 760 14 800 Refer to the above table, answer the following questions: A. If the price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker? B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire
Chapter10: Labor Markets And Income Distribution
Section: Chapter Questions
Problem 4SQP
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labor input product output
10 500
11 600
12 690
13 760
14 800
Refer to the above table, answer the following questions:
A. If the price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker?
B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire?
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