For Question 53, and 54, use the table below. The table provides information about output (Q) the firm produces, revenues in a perfectly competition firm using factor ofproduction labor FP (L) which represents workers. For example, a total of 2 workers produces 15 units per-hour.TR is total revenue. MR is marginal revenue, MP is marginal product and MRP is marginal revenue product.Given this information, how much is the MP for worker (L) for worker 2 and 3.PQ015O 5 and 5O 35 and 2507 and 5O Band 7TR0100MRMPMRPFP (L)0 Question 54From the table in Question 53, if the wage (marginal resource cost) for the firm is $25 per hour, how many laborers would this firm hire00010203

PQTR(PxQ) MR(dTR/dQ)MP(dQ/dL)MRP(PxMP) FP(L)500---0584040/8 =58/1 = 8 4015157535/7 = 5735252010025/5…

Answered: Given this information, how much is the…

Given this information, how much is the MP for worker (L) for worker 2 and 3. P Q 15 05 and 5 O 35 and 25 7 and 5 OB and 7 TR 0 100 MR wwww MP MRP FP (L) 0

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 1P

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