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Refer to Table 17-4. What are the price and quantity of workers that result in the maximum amount of ...

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Refer to Table 17-4. What are the price and quantity of workers that result in the maximum amount of ...

Question 1.

Which of the following is not held constant along a firm's demand curve for labor?

• the quantity of other inputs used by the firm

• the wage rate

• changes in technology

• the price of the product produced by the firm

Question 2.

Table 17-4

Quantity of Labor	Output	MPL	Price	Total Revenue	MRPL	Wage
0	0	---	$200	$0	---	$500
1	6	6	180			500
2	11	5	160			500
3	15	4	140			500
4	18	3	120			500
5	20	2	100			500
6	21	1	80			500

Table 17-4 lists data for the production of Apple iPods. Apple is assumed to be a price maker, so to increase its sales of iPods the firm must lower its price. MPL and MRPL refer to the marginal product of labor and the marginal revenue product of labor, respectively.

Refer to Table 17-4. What are the price and quantity of workers that result in the maximum amount of revenue Apple would earn from selling iPods?

• $180; 1

• $140; 2

• $120; 2

• $120; 4

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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