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Wage Table 17-2 Quantity of Output of iPods per Marginal Product of Product Price Labor Week Labor (dollars) $300 280 260 240

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Answer #1
Labor Q MPL P TR MR MRPL Wgaes
1 8 8 300 2400 350
2 15 7 280 4200 257.1 1800.0 350
3 21 6 260 5460 210.0 1260.0 350
4 26 5 240 6240 156.0 780.0 350
5 30 4 220 6600 90.0 360.0 350
6 33 3 200 6600 0.0 0.0 350
7 35 2 180 6300 -150.0 -300.0 350

The firm should hire 5 units of labor profit maximizing hiring at MRPl = Wage rate or MRPL just greater than the wages.

Marginal revenue Product of Labor = MArginal Product*Marginal revenue

Marginal revenue= Change in total revenue/change in output

Marginal Product = Change in output/Change in Labor

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