(a)Fill in Table.(b)Is the firm a perfect or an imperfect competitor? Explain.(c)If the wage rate were $220,how many workers would be hired? How much would the total wage bill come to? (d)If the wage rate were $100,how many workers would be hired? How much would the total wage bill come to? (e)How many workers would be hired if the wage rate were $50? (f)How many workers would the firm want to hire if the wage rate were $0?

\begin{array} { c c c c c c } \begin{array} { c } \text { Units } \\\text { of } \\\text { Labor }\end{array} & \text { Output } & \begin{array} { c } \text { Marginal } \\\text { Physical } \\\text { Product }\end{array} &\text{Price} & \begin{array} { c } \text { Total} \\\text { Revenue}\\\text { Product}\end{array} & \begin{array} { r } \text { Marginal} \\\text { Revenue}\\\text { Product}\\\end{array} \\1 & 10 && \$ 20 & - & - \\2 & 22 && 20 & - & - \\3 & 33 && 20 & - & - \\4 & 42 && 20 & - & - \\5 & 49 && 20 & - & - \\6 & 54 && 20 & - & - \\7 & 57 && 20 & - & -\end{array}

If Labor and Capital Are Substitute Resources in Production,an Increase

Multiple Choice

Correct Answer:VerifiedUnlock this answer nowGet Access to more Verified Answers free of chargeAccess For Free

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