Homework Answers
| Units of labor(L) | Wage rate(W) | TLC($)=w*L | MRC($)=∆TLC/∆L | MRP($) |
| 0 | 14 | 0 | na | na |
| 1 | 14 | 14 | 14 | 38 |
| 2 | 14 | 28 | 14 | 28 |
| 3 | 14 | 42 | 14 | 24 |
| 4 | 14 | 56 | 14 | 20 |
| 5 | 14 | 70 | 14 | 14 |
| 6 | 14 | 84 | 14 | 10 |
Answer to blank 1: Same
Explanation:
The labor supply curve and MRC curve coincide as a single horizontal line at the market wage rate of $14. That's why the supply curve and the MRC are the same.
Answer to blank 2: $14
Answer to blank 3: 5
Add Answer to:
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Where does the marginal resource curve lie in relationship to
the supply curve? Please explain why they have this relationship.
Thanks!!
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please anwser all questions. thank you so much!
Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost...
Where does the marginal resource curve lie in relationship to
the supply curve? Please explain why they have this relationship.
Thanks!!
MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee
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