Chapter 17/17A Homework In the short run, a tool manufacturer has a fixed amount

Question

Chapter 17/17A Homework In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is depicted in the table below. Assume the product price is $2 Calculate the marginal revenue product and the marginal resource cost, and then complete the table. Instructions: Enter your answers as whole numbers 9 points Marginal |Hourly Total Resource Marginal (Labor) Cost Quantity Total Marginal Revenue Wage Labo (SI of Labor Product Product Product Rate Cost eBook 70 200 218 234 248 260 15270 10 -18 - 16 14 12 10 108 130 154 9 10 12 13 14 Print 2180 References 15210 The equilibrium wage rate (5)-f The equilibrium level of labor workers use

Explanation / Answer

I think question is incomplete Could you please provide with Demand function of labor Hence not able to solve for equillibrium wage rate & level of labor?

Qty of Labor Total Product Marginal Product Total Revenue Marginal Revenue Product = Marginal Product* Price Hourly Wage Rate Total Labor Cost Marginal Resource Cost 10 200 $400 $7 $70 11 218 18 $436 $36 $8 $88 $18 12 234 16 $468 $32 $9 $108 $20 13 248 14 $496 $28 $10 $130 $22 14 260 12 $520 $24 $11 $154 $24 15 270 10 $540 $20 $12 $180 $26

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