Consider the production information below: A. Complete the following table: # of L Output/Week MPL Price...

Consider the production information below:

A. Complete the following table:

# of L	Output/Week	MPL	Price of Output	MRPL
0	0		$10	-
1	100		$10
2	180		$10
3	240		$10
4	280		$10
5	300		$10
6	310		$10
7	315		$10

B. If this firm would have to pay $500 a week, how many workers would the firm hire? Explain how you come up with your answer.

C. If the demand for the products increase such that product price rises to $15 per unit, would the firm hire more/less workers? Explain how you come up with your answer.

Expert Solution

Hi Student,

Thanks!

Rahul Sunny answered 6 months ago

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