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Value of the Marginal Product and the Demand For LaborThe table shows the number of workers (L) and ...

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Value of the Marginal Product and the Demand For LaborThe table shows the number of workers (L) and ...

Value of the Marginal Product and the Demand For Labor

The table shows the number of workers (L) and the output of lightbulbs (Q) each week. The lightbulb maker is a price taker in both the product and labor markets.

Number of Workers (L)	Output of Lightbulbs (Q)
0	0
1	27
2	70
3	108
4	140
5	167
6	185

Assume the price of a lightbulb is $2.75. If the equilibrium wage is $88, how many workers should this firm hire? What if the equilibrium wage rises to $118.25?

▸ 4 workers, 1 worker

▸ 5 workers, 2 workers

▸ 5 workers, 1 worker

▸ 4 workers, 2 workers

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 35 times

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drw92 Author

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