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barry1999 barry1999
wrote...
Posts: 346
3 days ago

Question 1.

Table 17-2

Quantity of LaborOutput of iPods per WeekMarginal Product of LaborProduct Price
(dollars)
Wage
(dollars)
1  88$300$350
2157  280  350
3216  260  350
4265  240  350
5304  220  350
6333  200  350
7352  180  350

Refer to Table 17-2. The firm represented in the diagram



has market power in the factor market.



has market power in both the factor and product market.



has market power in the output market.



has no market power in the factor or product market.



Question 2.

Table 17-2

Quantity of LaborOutput of iPods per WeekMarginal Product of LaborProduct Price
(dollars)
Wage
(dollars)
1  88$300$350
2157  280  350
3216  260  350
4265  240  350
5304  220  350
6333  200  350
7352  180  350

Refer to Table 17-2. The marginal revenue product of labor from the third unit of labor is



$5,460.



$1,560.



$1,260.



$780.

Textbook 

InMicro


Edition: 1st
Authors:
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Answer verified by a subject expert
shamanieshamanie
wrote...
Posts: 299
3 days ago
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Answer 1

has market power in the output market.



Answer 2

$1,260.

1

Related Topics

wrote...
3 days ago

Question 1.

Table 17-2

Quantity of LaborOutput of iPods per WeekMarginal Product of LaborProduct Price
(dollars)
Wage
(dollars)
1  88$300$350
2157  280  350
3216  260  350
4265  240  350
5304  220  350
6333  200  350
7352  180  350

Refer to Table 17-2. The marginal profit from hiring the second unit of labor is



$4,200.



$1,960.



$1,800.



$1,450.



Question 2.

Table 17-2

Quantity of LaborOutput of iPods per WeekMarginal Product of LaborProduct Price
(dollars)
Wage
(dollars)
1  88$300$350
2157  280  350
3216  260  350
4265  240  350
5304  220  350
6333  200  350
7352  180  350

Refer to Table 17-2. What is the profit-maximizing quantity of labor that the firm should hire?



5 units



4 units



3 units



2 units

wrote...
3 days ago

Answer 1

$1,450.



Answer 2

5 units

wrote...
3 days ago
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