A. Fill in the formula for MP, MRP, and Additional Profit at the top of the colu

Question

A. Fill in the formula for MP, MRP, and Additional Profit at the top of the column in the gray sections within the table.

B. Fill in the missing values for MP, MRP, and Additional Profit in the blue sections of the table.

C. Identify the profit-maximizing quantity of labor. Explain how you arrived at your answer.

A. Fill in the formula for MP, MRP, and Additional Profit at the top of the column in the gray sections within the table. B. Fill in the missing values for MP, MRP, and Additional Profit in the blue sections of the table. C. Identify the profit-maximizing quantity of labor. Explain how you arrived at your answer. D. Is this firm a price taker or a price maker? Explain.

Explanation / Answer

it is decided on the amount of profit obtained..

for each row calculate ..total output and input ..and then substract..to see which gives high profit..

so in this case it is ( labour =2 number) (profit is 900 which is highest compared to others..so 2 labour is the optimum number for labour..)

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