Please see the attached 98 The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns showthe market demand and supply for the type of labour employed by this firm.Quantity ofLabourMPL $ Product Price Wage $Quantity of Labour Quantity ofSupplied$1010000$12 20000Labour Demanded850001$10$5.00$5.00$1280000750002$10$5.00$5.00$5.00$14300004$8$16 4000070000$6$18 500006500016$4$5.00$20 60000600007$2$5.00$22 7000055000$1$5.00$24 8000050000Refer to the information above to answer this question. What is the firm's_total wage bill if the firm maximizes itsprofits?Select one:O a. $192O b. $64O c. $120O d. $154e. $30

Answered: Please see the attached 98

Business

Economics

Please see the attached 98

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 1SCQ: Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and...

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Question

Please see the attached 98

The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns show
the market demand and supply for the type of labour employed by this firm.
Quantity of
Labour
MPL $ Product Price Wage $Quantity of Labour Quantity of
Supplied
$1010000
$12 20000
Labour Demanded
85000
1
$10
$5.00
$5.00
$12
80000
75000
2
$10
$5.00
$5.00
$5.00
$1430000
4
$8
$16 40000
70000
$6
$18 50000
65000
16
$4
$5.00
$20 60000
60000
7
$2
$5.00
$22 70000
55000
$1
$5.00
$24 80000
50000
Refer to the information above to answer this question. What is the firm's_total wage bill if the firm maximizes its
profits?
Select one:
O a. $192
O b. $64
O c. $120
O d. $154
e. $30

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