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

wrote...
Posts: 346
3 days ago

Question 1.

Table 17-2

 Quantity of Labor Output of iPods per Week Marginal Product of Labor Product Price(dollars) Wage(dollars) 1 8 8 $300$350 2 15 7 280 350 3 21 6 260 350 4 26 5 240 350 5 30 4 220 350 6 33 3 200 350 7 35 2 180 350

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 Labor Output of iPods per Week Marginal Product of Labor Product Price(dollars) Wage(dollars) 1 8 8 $300$350 2 15 7 280 350 3 21 6 260 350 4 26 5 240 350 5 30 4 220 350 6 33 3 200 350 7 35 2 180 350

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

### Related Topics

wrote...
3 days ago

Question 1.

Table 17-2

 Quantity of Labor Output of iPods per Week Marginal Product of Labor Product Price(dollars) Wage(dollars) 1 8 8 $300$350 2 15 7 280 350 3 21 6 260 350 4 26 5 240 350 5 30 4 220 350 6 33 3 200 350 7 35 2 180 350

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 Labor Output of iPods per Week Marginal Product of Labor Product Price(dollars) Wage(dollars) 1 8 8 $300$350 2 15 7 280 350 3 21 6 260 350 4 26 5 240 350 5 30 4 220 350 6 33 3 200 350 7 35 2 180 350

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

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3 days ago
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3 days ago
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