Solved

The Questions Below Are Based on the Table Below The Supply of Labor Is W = 10 + 3QL

Question 51

Essay

The questions below are based on the table below. Fill in the blank spaces first.
 Amount of Labor 12345 Total Product 10223640 Marginal Product of Labor 8 Value of MPL if Product Price =4MRPLif Product Demand is P=5.05Q \begin{array} { l c c c c c } \text { Amount of Labor } & 1 & 2 & 3 & 4 & 5 \\\text { Total Product } & 10 & 22 & - & 36 & 40 \\\text { Marginal Product of Labor } &- & -& 8 &-& -\\\text { Value of \( \mathrm{MP}_{\mathrm{L}} \) if Product Price \( =4 \)} &- & -& -&-& -\\\text {\( \mathrm{MRP}_{\mathrm{L}} \text {if Product Demand is } \mathrm{P}=5-.05 \mathrm{Q}\) } &- & -& - &-& -\\\hline\end{array} The Supply of Labor is W = 10 + 3QL
How many laborers will be hired and what will the wage be if both product and labor markets are perfect and the going wage is $18 per worker?

Correct Answer:

verifed

Verified

Row 2 blank blured image Row blured image Ro...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents