Question

In: Economics

Find WN, MRC, and MRP cells. Determine W* and N* from the information provided. Graph the...

Find WN, MRC, and MRP cells. Determine W* and N* from the information provided. Graph the labor supply and demand and MRC curve from the table's data. (Wages Y axis 10,20,30,40 ect, Labor X axis 1,2,3,4 ect.)

W N WN MRC MP MR MRP

50 1 ------ ------ 11 10 ------

50 2 ------ ------ 10 10 ------

50 3 ------ ------ 9 10 ------

50 4 ------ ------ 8 10 ------

50 5 ------ ------ 7 10 ------

55 6 ------ ------ 6 10 ------

60 7 ------ ------ 5 10 ------

65 8 ------ ------ 4 10 ------

70 9 ------ ------ 3 10 ------

75 10 ------ ------ 2 10 ------

Expert Solution

Answer

MRP = MP . Price of output

MRC = Wage Rate

W N WN MRC MP MR MRP

50 1 50. 50. 11 10 110

50 2 100 50. 10 10 100

50 3 150 50. 9 10 90

50 4 200. 50. 8 10 80

50 5 250. 50 7 10 70

55 6 330 55 6 10 60

60 7 420 60. 5 10 50

65 8. 520. 65. 4 10 40

70 9 630 70. 3 10 30

75 10 750. 75. 2 10 20

The decision rule - MRC = MRP

Using the decision rule , we can derive the demand curve for labour.

Wage rate Qd Qs

20 10 0

30 9 0

40 8 0

50 7 5

60 6 6

70 5 9

80. 4 10

90 3 10

100 2 10

110 1 10

Here Qd = Quantity Of labour demanded

Qs = Quantity Of labour supplied

For graph , Refer fig -1

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