Check this production table of a firm. Compute marginal products and fill in the table. Graph...

Check this production table of a firm. Compute marginal products and fill in the table. Graph the labor demand curve with real wage on the vertical axis and quantity demanded for labor on the horizontal axis. Labor supply is given at 5. What is the equilibrium real wage in the labor market? Find it by adding the labor supply curve to the diagram you drew in part 3. Then, state your answer.

Labor	Output	Marginal Price
0	0
1	15
2	28
3	39
4	48
5	56
6	63
7	68

Expert Solution

With the given information, we can make the following schedule.

Labor, L	Output, Q	Marginal Product, MPL=Change in Q/Change in L	w=MPL
0	0
1	15	15	15
2	28	13	13
3	39	11	11
4	48	9	9
5	56	8	8
6	63	7	7
7	68	5	5

Equilibrium wage will be equal to the real wage rate where labor demanded is equal to labor supplied. Refer to given schedule, we observe that labor demanded is 5 at wage rate of 8.

Equilibrium wage rate in market is 8.

Rahul Sunny answered 2 years ago

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